Do you want to hear the bad news first or the good news about WhiteCoin?
Since the good news isn’t really that good, let’s start with that. The good news is you can once again trade WhiteCoin on MintPal and other exchanges.
The bad news is, the wallets are still offline at those exchanges. That means you can’t withdraw or deposit any WhiteCoin. That means trading ‘sorta‘ works, but not with the type of functionality you would expect.
What Happened To WhiteCoin?
WhiteCoin was attacked by a person or persons unknown who were hellbent on tarnishing their already-poor reputation all the while making a few bucks for themselves.
Or, for an alternative theory, WhiteCoin was targeted by a typical cybercriminal because the shortcomings of the project were so glaring. Crime is generally done based on a temporary advantage the attacker has. When they see the flesh, they bare their teeth and grab what they can. The attacker - or attackers - saw a weak coin with a broken wallet and a poor infrastructure and took them to the cleaners.
It’s safe to say this all happened because WhiteCoin simply wasn’t ready for primetime. For WhiteCoin to have gained the type of market cap and trading volume they did in such a short time is akin to a toddler being picked number one in the NBA draft. Sure, that baby might have some talent, but is he ready for Lebron James?
In any event, the attackers launched a DDOS on ChunkyPool and a double spend attack on the coin. The double spend was caught by Bittrex founder Richie Lai, who immediately notified the ‘WhiteCoin Foundation‘ about the vulnerability.
After the notification (and being accused of spreading FUD by the WhiteCoin zealots,) MintPal Jay also confirmed what Lai said and suspended the WhiteCoin wallet for trading on MintPal.
Why Was WhiteCoin Targeted?
Take your pick.
- Vulnerability and weakness in their infrastructure and security.
- Their high profile created jealousy from other coin communities, including cyber-bandits and malcontents.
- Many of the fans of the coin seem to be complete dickheads and started crap with others, creating needless enemies.
In any event, altcoins are not a safe world full of puppies and unicorns. When you get too big for your britches, you better believe that other parties will seek to put you back in your place.
In the wake of the attack, trading has resumed. MintPal has made some comment to the effect that they’ll be covering the losses, which we all know is bullshit. They’ll be charging either the WhiteCoin Foundation more or making it up from their customers somehow.
For that reason I suggest people think twice about continuing to trade in WhiteCoin. This altcoin project is almost completely without merit. Other than having created controversy, division, and gaining interest, there’s nothing to indicate the WhiteCoin Foundation has a clue about managing a major cryptocurrency. Even the WhiteCoin community (which is comprised primarily of bagholders) is not going to be enough to push this coin to the heights it needs to reach in order to justify its high valuation.
Be careful and wait for many more signs of improvement before jumping in.