Contract Timelock Update — 11/29/2020

Earlier this morning (00:13 EST 11/29/2020) a CT member (@waronrugs) raised a serious concern about the legitimacy and potential risk of the acBTC smart contracts.

Specific concerns can be found via the following thread: https://twitter.com/WARONRUGS/status/1332900502582009856

For those who missed the initial official response, below is a transcript distributed in acBTC Community on TG.

Also, one of our team members made an inaccurate response to a question regarding the concern. This has been addressed with our team internally and we have implemented a robust workflow to avoid further incidents. We apologize for any inconvenience and panic caused by this.

As a next step, we are working on the following to curb any outstanding concerns:

1. Implementing a 24-hour timelock on the governance for both ACoconut and ACoconutBTC contracts. It currently undergoes extensive testing by both our development team and our security auditors SECBIT Labs. We will release the timelock once all testings are complete, and we will keep you posted on the testing progress.
2. As mentioned in the initial response, the current ownership of the Multisig wallet is shared amongst 3 selective addresses from NUTS DAO. In any instances, it would require 2 approvals in order for any transactions to go through. Starting from Week 11 (Phase 1), we aim to increase the Multisig ownership to 5 addresses, whereas 3 approvals will be required in order to sign off on any transactions. Once ACoconut DAO has been initiated in Q1 2020 and the foundation for community governance has been established, NUTS DAO’s ownership will then be transferred to ACoconut DAO.

Will provide another update shortly. Stay tuned!

Still have questions? Join our Discord channel for live updates!

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