The Coop Network Weekly Update 49/2021
First mega-burn in the history of $GMD
As you know, The Coop Network is determined to keep the high level of decentralization we promised from the beginning. A staggering amount of 35 Million $GMD was burned from our Safety Wallets. We will continue to do so as The Coop Network’s infrastructure has a deflationary model. With every new node created and hallmarked by the community 100.000 GMD will be burned from the permanently locked wallets. You can find more info on this by reading our whitepaper here.
Latest Telegram AMAs
We held an AMA with the IM_COMMUNITY Telegram audience. It was a blast! We want to be very close to our community and be completely transparent, that’s why you will see such actions very often. We will talk about the project and what follows in our development. Stay close! We are waiting for you to come in next time.
Another great AMA was hosted by The Coop Network together with Be[In]Crypto community. These Telegram group chats with our Founder and other members of the team really connect us with the people supporting our vision. We place a high value on what our supporters think of us and we will continue to get in touch with them in order to find out what they consider our next steps should be.
Make sure you tune in for our next AMA! Join our Telegram group to find out when the next one will take place.
BitMart Exchange $150 million hack
Bitmart wrote in an official statement that it had completed initial security checks and identified the affected assets. The exchange said the security breach was mainly caused by a stolen private key, which affected two of its hot wallets, but other assets were “safe and unharmed.”
The affected Ethereum and Binance smart chain “hot wallets” carried only a “small percentage” of the exchange’s assets, according to the company. Cryptocurrency can be stored “hot,” “cold,” or some combination of the two. A hot wallet is connected to the internet and allows owners relatively easy access to their coins so that they can access and spend their crypto. The trade-off for convenience is potential exposure to bad actors.
The Coop Network supports BitMart as they continue the checks and solve all their hack related problems. All $GMD coins on BitMart Exchange are safe. Deposits and Withdrawals will soon be resumed. Thanks to everyone for understanding. Please follow our social media profiles for more updates on this subject.
Stay up-to-date with all the latest news from The Coop Network
Website: https://thecoopnetwork.io
Twitter: https://twitter.com/thegeomadao
Medium: https://medium.com/coopnews
Telegram: https://t.me/geomachat
Whitepaper: https://thecoopnetwork.io/whitepaper/coop_whitepaper-EN.pdf
Explorer: https://explorer.thecoopnetwork.io
