Just asking for the sake of clarity, how much PSB was hacked from the wallet? Since a new wallet was created with a new Blockchain, is it not just by creating another same amount of 21Million PSB will suffice in this case? A 1:1 swap will just takes place anyway? Why is there a need of an additional 10 Million PSB? This I think has been bothering other investors as well and other traders. And what have happened to the case that was raised on cryptopia to devulge the owners of those PSB wallet addresses which were involved somehow with the hack?
Thanks
Simple math. This has been discussed at large many times before, but let's review this
one last time.
PSB coin is launched with 20 million PSB.
an
online PSB wallet is created for the benefit of people who would rather use it than maintain a blockchain on their computer. This wallet had hackeable flaws, unfortunately.
Online wallet is huge success: 10 million PSB are stored at the online wallet, 10 million PSB outside PSB wallet; numbers rounded for simplicity.
Some hacker figured out a way to withdraw the whole content of the online wallet; online wallet users still can see they own PSB balance, but effectively, online wallet now has
zero PSB coin.
Choice A - we let PSB continue, with people having lost 10 million PSB (PSB would collapse and disappear)
Choice B - we create 10 million PSB to pay back hacked online wallet users and allow PSB to continue
while fixing the hackeable weakness of the online walletCryptopia de-lists any coins that changes the amount of circulating coin, whatever the reason might be. They de-listed Ether, so they de-listed PSB too. What Cryptopia gets wrong is that Pesobit 1.1 was a coin swap, not a blockchain edit, but they are a stubborn administration.
is it more clear, now?
The 10 Million were already hacked which corresponds to the missing 10M PSB on the online wallet, and as you say there is a 10 Million coin in circulation a total of 20M, since you will be creating a new wallet with a new blockchain then why not put up with 20Million instead of 30Million? The missing 10 Million on the online wallet will be easily replaced automatically.. the remaining 10M which are in circulation will be the one to be for the swap.. so where is the other 10 Million PSB going?