39.8 million $ARRR suddenly appeared out of thin air. A privacy-focused network has to fix its own ledger.
Pirate Chain, a project that anonymizes all transactions using zk technology, has just encountered a technical bug in its Ironwood upgrade. The bug made it possible to create 39.8 million ARRR without mining, increasing the total supply by around 20% in a single event.
The team confirmed that the network is still operating normally and proposed rolling back part of the blockchain to remove the erroneously minted supply. They also advised users to temporarily stop transferring funds until the issue is resolved.
Rolling back a blockchain goes against the very principle of immutability that all blockchains promote. The proposal also requires community consensus, and there is no firm timeline yet.
If you’re holding or trading ARRR anywhere, it’s probably best to stay on the sidelines until the network confirms everything is resolved.
What to watch: whether the rollback proposal is approved, and whether any exchanges temporarily suspend ARRR trading while they wait.
Personal observation, not investment advice.
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