Today, we have an important update about why deposits are closed on exchanges — and what we’re doing to open them as soon as we can. Since we launched Gen 3, our priority has always been the safety of our users, the security, and stability of our network. That’s why we’ve temporarily closed deposits while we complete testing to guarantee this is the case.

As with any emerging technology, there will be challenges along the way; these should be expected, and prudent behaviour should be appreciated by the community, as it protects the community. In the cryptocurrency space, Energi is at the cutting edge of the industry. By combining smart contracts, a treasury system and masternodes into one coherent whole, we’ve pioneered and built what hundreds of other projects are still striving to achieve, pushing the limits of blockchain technology. This is uncharted territory and there will always be obstacles along the way.

During the migration to Gen 3, scammers attempted to steal over 200,000 NRG from our community. This would be catastrophic not only for the victims, but for everyone in the Energi ecosystem who would have suffered from major market dumping of these illicit gains. We successfully prevented these attacks, and due to our new governance blacklisting feature, the funds were frozen and are in the process of being returned to their victims. To see more about our new governance blacklisting feature, read our recent blog.

Meanwhile, our blockchain had another issue that arose: chain splits. This happens when there are blocks that are out of sync with the main, dominant chain. We immediately jumped on the issue and our dev team has been working tirelessly to resolve them. To ensure the safety of our users and exchange partners, over the next couple of weeks we are performing a thorough review and testing process so that we can be sure there will be no more chain splits. To prevent this from occurring again, we need to test the network to ensure stability. We’ll reopen deposits as soon as we are confident that the network is stable.

Once again, we hope you agree that security is of the utmost importance and appreciate our cautious approach toward getting our new Gen 3 blockchain fully online. Building a new technology, and a whole new financial system, will always involve some trial and error — and together, we can continue to pave the way for the entire blockchain space.

As always, if you need to get in touch, reach out to our Freshdesk live support or message us at support@energi.team.

The Energi Team.