Further to our previous announcement regarding suspending the Coin2.0 NC2 market we would like to provide an update on our investigations. As it stands at the moment, we have been in contact with the developer regarding a large and sustained series of double spend attacks on the NC2 network.

It is our understanding that a double spend attack is possible when someone owns 51% or more of the staking coins. As not all of the coins are staked at any one time, a relatively small number of coins are required to be able to perform successful double spend attacks. Since someone has managed to perform this exact attack, they clearly own a significant number of coins and the coin network remains insecure at current.

After our investigation we have determined that our system successfully stopped the most recent series of double spend attacks however the attack has been going on for a number of days and as of this moment, we find ourselves short a significant amount of NC2 meaning we are unable to satisfy a large quantity of withdraws from the exchange.

We are still waiting to discuss the next steps with the coins developer, but at this stage it is highly likely that we will not be re-enabling the market.