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Dear SatoExchange members and our sumcoin community,


A NOTE TO THE GENERAL PUBLIC ON THE SUMCOIN WALLET SITUATION ON SATOEXCHANGE

Firstly, we apologize for the inconvenience the unavailability of the sumcoin wallet during the recent few weeks might have caused our members.

Sumcoin wallets were put to hold because there was a glitch probably on the sumcoin chain or daemon software and this glitch resulted in the theft of about 700,000 sumcoins from the wallet maintained for our members sumcoin holdings.


It is so unfortunate that the sumcoin team has pulled down their wallet repo on github which now (at the moment of this writing and since few weeks before) gives 404 error on github. Find the link here: https://github.com/sumcoinlabs/sumcoin

This has made us so impotent in investing the root of the issue or the bug, but the fact is that some sumcoin community members are aware of the bug and they exploited it stealing from SatoExchange.

However, we are willing and ready to cover for the lost funds so that the innocent SatoExchange members will not be at any loss.

Our plan is to troubleshoot issues, ensure it never happens again, update the wallet with the support of the sumcoin team and buy back all the lost funds, but the team is not willing to help.

Our CTO has had several conversations with the sumcoin CEO with no success as he wouldn't listen to any of our complaints.


A member of their community once stated on our telegram group:

I talked with SUM coin devs last night they said satoexchange reported that all SUM got stolen. 
Sato hasn't report this lose to users if it did happen? 

 it sounds little odd but i believe it to be on SUM coins end as they just had a big attack on there network. they have closed down links to download wallets.  close github links. So how can anyone update wallet
They took down all repos while 51% attack went on for few days. Probably why system had glitches and messed up all the exchanges. 

They have been having many wallet issues lately by what i read in there discord . 
Ive asked few times where to get a wallet they never answer.

This and many other responses made us think that the sumcoin team has something to do with this situation.


How it started with sumcoin

At SatoExchange we have always supported the sumcoin project with her vision of the index price. Even though we were tagged scam for helping them enforce restrictions in their market to ensure members can only trade at the coins index rate, we stood by it all.

Sumcoin listing was applied to the voting system by just one of the community members and he did not mention anything about the index rate. We listed the coin before the CEO called us names wanting us to delist or follow the index rate. We decided to support the project by implementing the index rate and ensuring strict rules in the markets.

We also supported the team in getting listed on coingecko, coinmarketcap, coinstats, blockfolio and many other market cap data aggregators. We expected the team to return the same favor in times like this, but the CEO only accused us of stealing the coins internally.
As I know, the coins have no real markets anywhere else. Which exchange administration would steal such coins?

The SatoExchange and her administration are dedicated and committed to ensuring no member ever loses his assets on the platform and in line with this commitment, we are striving to ensure we recover those lost funds, even as the sumcoin team is showing no support at this time.


Technical deep dive:

While our dev team is unable to perform a thorough investigation due to the unavailability of the sumcoin wallet repo on github, here are the details we were able to put together about the theft.

A bug allows scammers to push fake transactions to the network. On our daemon (installed from their repo) those transactions pass the confirmations validation as also seen and manually verified on their explorer: https://sumexplorer.com/

The weird information we got the first time we reported this to the sumcoin CEO was that their own explorer was glitchy and he then supplied us another explorer link: https://insight.sumcore.org/

These 2 explorers are of sumcoin but one validates those transactions just like our own version of sumcoin daemon but the insight explorer never validates. Our dev team knows the explorer is never responsible for confirming any transaction but if our sumcoin daemon validates those transactions and also their official explorer, then it's not our fault as we installed it from their own github repo.

Those fake transactions, even as they get validated on the daemon, they never add new balances to the wallet while our validation scripts already credited the members who own those addresses with the corresponding sumcoin value.

The scammers, knowing this simply made those fake deposits and withdraw immediately. They repeated this cycle to continuously steal sumcoins from the wallet.

A member of our dev suspected a repeated deposit and withdrawal on an account, but then we could not find anything since we tried to investigate the deposit transactions manually on their explorer, the only explorer given to us as at then which is the https://sumexplorer.com/ and those transactions appeared to be real and validated with hundreds of confirmations on the explorer just similar to what we have on the daemon. This made the team just assume everything was ok.

Below are some sample transaction hashes:
bf349d8e68365dc15f44d2a6b05b3d9add29a705700f186ffc0d4da9e9da132c
7e97206b610492328f643fb83bffa873413250138ea024738bd74c79d88f6537
e2157235f08cd4fba275ba24caade4d9b4c81c9116662628158c1430ff168c32
f581ea6971a9fed3b1cb176f3df00797bf6404ef812d7289f7725075e96806a8
7f4f61e8df38511c311ba015416102c780d30c0d6ee94850abb9f2b279c9cc79
400147bcb25acfb75691c38c5c56b37aacb494b8d63ae1cb283c2dd392b21bf7
926ee1f161cb52ad6ff935bee6dfd3330969dc0e80ba3e258faa4e41bd4f56ea

Checking these transactions on the original provided sumcoin explorer ( https://sumexplorer.com/ ) shows they are validated while it says transaction not found on other explorer (https://insight.sumcore.org/). Several other transaction like these with varying amounts with these listed above were intrumental to the loss of sumcoins on SatoExchange.

After we discovered all these we saw a maintenance notification on the sumcoin website and that was simply removed after we reported it, and we thought that meant they fixed the issue but it was not so.

We did not receive any notification even for the existence of the insight explorer until we reported the loss of coins to the sumcoin team. All we had as their official explorer was sumexplorer.com and we relied on it for manually verifying a transaction since our daemon validated them.

Now as we speak the sumcoin team is not even willing to listen to these issues and as a result not willing to help.

We have sent our plans to cover the funds to the team and requested the reason their github repo is offline and we have not received any response until the time of this writing.


Conclusion

Our sumcoin wallets have been inactive because we lost sumcoins due to glitches on the sumcoin chain or daemon and the team is not willing to help. Their github repo is no more available. We don't know why they pulled it down. We intend to cover for all the lost funds so no member will be at loss, but now their wallet is not available and the GitHub link is not working.

We assure every innocent member in this with us that their sumcoins are not lost as long as we are still able to get hold of the sumcoin team and update our wallet to ensure this will not repeat itself. We will buy back the stolen funds once we are able to fix wallet issues.

We have then removed all the index rate restrictions for a smoother trading experience for our community members and this will remain so even after we fix the wallet issues.

For the moment, please bear with us on this situation. The sumcoin markets are still active but wallet functions will remain inactive until we totally fix the issues.


Regards,

Head of Account Team

SatoExchange

CodePriceVol
ETH0.031000170.77613187-15.99%
LTC0.005090380.117340971.81%
XLM0.000009930.08049263-0.5%
SATX0.000000080.0371757614.29%
DOGE0.000000220.03194607-4.35%
1MT0.000049990.027187780.36%
GCG0.000000020.022400020%
HELX0.000000060.012022970%
XRP0.000034880.007674760.63%
DMME0.000000260.0056565152.94%
SCC0.000079550.00439391-0.13%
LAQ0.000000390.004268950%
SUM0.000001490.0042152929.57%
MMO0.000000090.00256682-40%
WLLO0.000000010.0022440%
ETC0.002899990.002029990%
TICO0.000000460.000380130%
SWAT0.000000010.000278880%
FGP0.000002920.00021804165.45%
BTB0.000000360.000180%
TRX0.000003490.000134960%
GFNCASH0.000000010.000111440%
HELP0.000003000.0001050%
GRT0.000250000.00010250%
DCN0.000000010.00010%
TRM0.000000010.00010%
BCH0.0105000100%
XQR0.0000000500%
OMG0.0000000000%
AXAI0.0000000800%
KIN0.0000000200%
DENT0.0000006500%
NANJ0.0000000100%
AE0.0000000000%
BRAT0.0000001700%
BTCA0.0000000100%
TRCX0.0000000100%
BEFX0.0000001000%
CPC0.0000004500%
INFO0.0000000100%
DP0.0000001700%
XTZ0.0002390600%
BTT0.0000000500%
WWTC0.0000000000%
PYRO0.0000000200%
XAUT0.0000000000%
BLNC0.0000000100%
nCoV0.0000000100%
DGB0.0000021000%
XRT0.0000000300%
KAYI0.0000000100%
JST0.0000007500%
LINK0.0000000000%
WAVES0.0004000000%
MOTA0.0000003500%
B1P0.0000005900%
UM10.0000000200%
VN0.0000015000%
CLOUT0.0000000000%
CST0.0000000000%
BTCGW0.0000000500%
STQ0.0000000300%
UBEX0.0000001000%
BTCP0.0000319700%
WEBN0.0000000100%
ZRX0.0000800000%
BAT0.0000250000%
POINT0.0000019800%
C4C0.0000000100%
SWAP0.0000000000%
CLDX0.0000000100%
BNC0.0000045000%
iC2S0.0000000100%
A0.0000005300%
DET0.0000000000%
KNT0.0000000100%
ELD0.0000003000%
SRK0.0000001200%
CodePriceVol
DOGE0.000007815.54541726-9.92%
SATX0.000002205.50267191-8.71%
1MT0.001800001.104166913.21%
STQ0.000000010.12886190%
WAVES0.018998030.065840560%
HELX0.000002380.0434817252.56%
BTB0.000018000.0180%
FREE0.000000010.0050%
C4C0.000000010.002356510%
TICO0.000008490.001148910%
TRM0.000000010.000995340%
NANJ0.000000060.00060%
FTH0.000000740.000591290%
BRAT0.000000050.00058250%
CPC0.000005560.0005560%
EVI0.000000010.000510%
FGP0.000100000.00050%
DP0.000050000.00050%
PYRO0.000000370.00049210%
CLO0.000014910.000492030%
XRP0.000653000.000415550%
SWAT0.000000050.000397330%
GCG0.000000400.000320%
ETD0.000000100.00028120%
NEWS0.000000010.000150%
ETHMNY0.000000020.00014119-33.33%
KIN0.000000040.000120%
TORR0.000000010.00010%
nCoV0.000000011.2E-70%
XQR0.0000012000%
GRVC0.0000597100%
ECR0.0000000400%
TRCX0.0000027600%
GEN0.0000000100%
BEFX0.0000003000%
BCH0.1111111000%
SRK0.0000018000%
ETC0.0033333300%
OMG0.0000000000%
TRX0.0000612300%
DCN0.0000001400%
DENT0.0000169900%
XTZ0.0000000000%
AE0.0000000000%
BTCA0.0000003800%
LTC0.1000001100%
BTT0.0000004100%
WWTC0.0000000000%
SUM0.0000052600%
XAUT0.0000000000%
BLNC0.0000000600%
DGB0.0009900000%
XRT0.0000009700%
REW0.0012011100%
KAYI0.0000020300%
JST0.0020000000%
LINK0.0000000000%
GRT0.0061334000%
VN0.0000162600%
UM10.0000000700%
BTRS0.2270000000%
TTO0.0000011100%
CLOUT0.0000000000%
LAQ0.0000000000%
CST0.0000000000%
BTCGW0.0000005400%
UBEX0.0000031900%
BTCP0.0000000000%
WEBN0.0000000200%
ZRX0.0004200000%
BAT0.0000000000%
POINT0.0000810300%
XLM0.0000900000%
CLDX0.0000045000%
BNC0.0002321300%
A0.0000022500%
DET0.0000000000%
GFNCASH0.0000000800%
ELD0.0000027000%
XPAT0.0000001000%
CodePriceVol
DOGE3.6486000076571.0599615-0.58%
LTC70899.9731999965479.846596250%
XLM192.9860000059921.2669622-1.51%
HELX1.4948000014931.09604522-0.18%
XRP500.00000000998.003990.03%
WAVES8510.48360000992.269107110%
POINT10.000000001000%
XTZ0.0000000000%
BTT0.2000000500%
DGB27.7999999900%
BCH400004.0000000000%
ETC15999.0000000000%
TRX22.0000202000%
BTCP925.0000000000%
ZRX11.0000000000%
BAT5.2000000000%
BTB3.7300000000%
CodePriceVol
BTC/USDT10997.390000001903.166076090.14%
ETH/USDT474.01000000687.053230210.3%
ETH/USDC300.000000007.6277430%
WAVES/USDT3.998700002.399215720%
GRT/USDT1.140000000.01140%
BTC/USDC11989.0000000000%
BTC/TUSD9200.0000000000%
ETH/TUSD0.0000000000%
SATX/USDT0.0028999000%
LTC/USDT5.5100000000%
DOGE/USDT0.0058000000%
TRX/USDT0.0210001500%
XLM/USDT0.0000000000%
XTZ/USDT0.0000000000%
BCH/USDT0.0000000000%
XRP/USDT0.0000000000%
XAUT/USDT0.0000000000%
DGB/USDT0.0020001000%
SUM/USDT0.0003500000%
VN/USDT0.0500000100%
TW/USDT0.0010000100%
CST/USDT0.0000000000%
CodePriceVol
BRAT0.0006000081439.36466369-40%
BTCA0.0010000046120.50753957-56.52%
NEWS0.001000004139.674988310%
STQ0.000300002312.72455090%
WAVES1994.99900000600.268525960%
XRP55.00003010447.13181970%
AXAI0.99999000277.99481120%
SUM0.9600000051.401251880%
KAYI0.000150007.950008990%
iC2S0.003620002.23456790%
BCH13377.010000011.170488380%
DP0.450000006.7E-70%
ECR0.0000350900%
CPC0.7000000000%
INFO0.3999999700%
EVI0.0000070100%
TORR0.0028000000%
LTC9002.0000000000%
DENT0.0999999900%
REW0.0000000000%
DCN0.0001000000%
BTCGW0.0145000000%
ZRX21.0000000000%
POINT9.9999998900%
XLM14.0000000000%
XPAT0.0050000000%

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