Nuo is live again after a brief outage

Nuo Network is now live after a brief outage due to a security issue in our trading account smart contract. Due to a bug in our trading account contract, some accounts were vulnerable to attack and hence we had stopped the service and new signups on the platform. All reserves and loans were safe and secure but some trading accounts were affected.

We have now successfully updated our contracts to make them more secure and resistant to any such attack in the future. We have also initiated the process of refunding trading accounts which were affected and we expect that all users will get a full refund for any funds lost from the trading account in the next 4 days.

Here is the protocol that we followed:

1. As soon as we were made aware of this vulnerability, we got this verified from our core developers and came to a conclusion that indeed there was a breach.
2. We stopped all new signups and logins on the platform to ensure that users accidentally don’t add funds in the trading account which were vulnerable at the time.
3. We communicated this to all our users via Email and Telegram. We were always available to sort out any customer complaints both on the group and on private chat on Telegram.
4. We identified the issue with the contract and the core developers worked on a possible fix over the next few days. Once we finalised the solution, it was vetted and implemented in less than 48 hours.
5. This was followed by the testing phase, where our team conducted various tests to the new smart contracts to ensure that they are safe.
6. We then initiated the process to identify the trading accounts which were affected and start the refund process. Most users will receive their refunds within 24 hours and all refunds will be done within 96 hours.

We understand that there have been instances where people have lost funds on exchanges and hence it is natural for users to not trust 3rd parties. We would like to take this opportunity to thank all our users for trusting us to do the right thing while being patient all along.

As a token of appreciation for your support, all our early users who signed up before the outage will get a 2% bonus (instead of 1%) in their trading account on 1st March 2019 on their notional reserve volume. You can read more details about how you can get this bonus.

Our goal has always been to make the platform secure, non-custodial and easy-to-use. We are working hard to create the best lending platform in the entire crypto ecosystem — a platform that is fair and transparent. We hope we have lived up to that standard even this time.

We apologise for the inconvenience caused due to this issue and ensure that we would continue to focus on the security of our smart contracts as we scale up. Thank you for your love and support!