Roll Back FAQ’s
What is a roll back / reorg / cut the chain?
To remove the impact of the hack (illegally minted coins), we release a fork that rolls back to a point in the chain before the hack occurred, this will remove the illegally minted coins. It’s like turning back time. All transactions will be reversed, on the chain.
Will there be a rollback?
Yes, following a community vote with 95% in favour we are carrying out the necessary work to conduct a hard fork (and rollback). Further details on this can be found here.
When we roll back, how far will it be?
Following an extensive investigation it was determined that the optimum rollback point was to block 886575 at 22:21:08 (UTC) 27th June. Full details can be found in our technical report here.
When we roll back, what happens to the conversions that were started and not yet unlocked?
The conversion happens at the point you confirm the transaction. It is then locked for a number of blocks. Depending on priority, if you start a conversion before the roll back point, it will remain on the chain. If the roll back period overlaps with your locked period, it will mean your transaction takes more days to unlock.
I have been hearing that when the chain is rolled back that there will be a new implementation of increased miner rewards. What does that mean exactly?
The fork that goes live with the rollback will include the new fee structure for xAsset conversions. |
“We will modify the protocol to burn 0.4% of all asset conversion fees. (80% of the 0.5% fee)
Burning (or destroying) fees should offset any excessive inflationary effect caused by the trading of xAssets.
The remaining 0.1% will be split in half for the governance wallet and miners.”
What happens to transactions between wallets?
The transactions will be reversed. Any Haven or xUSD you have sent will come back. Funds you have received will be returned to the sender. We hope that in most cases, the transaction can be repeated to remedy this reversal. I.e. Users can ask the sender to send it again. Or refund a returned payment.
This is why we’ve telling users not to do OTC transactions.
🛑 This is still the core team’s advice. NO OTC 🛑
What happens to conversions in the wallet?
These transactions will also be reversed if you converted between xUSD, XHV, or any xAsset, after the roll back point.
What happens to my transactions on an exchange?
There are a number of scenarios relating to exchanges. Let’s explore those:
Any transactions before the roll back should be unaffected.
Any deposits or withdrawals after the roll back will be reversed.
Any trades on the exchange aren’t directly affected by the roll back.
Exchanges don’t trade on the blockchain. Deposits and withdrawals are on-chain, but they are with a wallet that works as a pool for all customers. The actual trades are in a database. This is why we closed down deposits and withdrawals. The trades that occurred are within a closed system.
What if the roll back stretches back before the point exchange wallets were closed?
This prompts two questions:
What happens to deposits?
Deposits on the exchange will be reversed by the roll back, leaving the exchange XHV pool out of balance.
What happens to withdrawals?
Withdrawals on the exchange will be reversed by the roll back. This will leave those withdrawing out of pocket when the roll back reverses the transaction.
Exchanges will have a record of this withdrawal and could potentially resend it.