Skycoin Team Update — Victims of Embezzlement and Robbery

Skycoin Press Release

Bitcoin Press Release: Over the past two weeks, a major selloff of Skycoin has been taking place, triggering market prices levels for Skycoin to also drop drastically.

June 19th, 2018, Shanghai – Multiple events led to this significant fall in the market price; however, the primary contributing factor was the recent discovery that the previous Skycoin China marketing team (EVOLAB) had embezzled approximately 100,000 Skycoins (SKY) over the past 6 months.

Following this, at 9:30 PM on June 13th 2018, nine individuals, including and led by the Chinese Skycoin marketing team broke into Synth’s home. They then proceeded to hold Synth and his wife against their will for 6 hours, over the course of which they threatened, beat and robbed them. Thanks to wallet security measures, the group was only able to extract 18.88 Bitcoin and 6466 Skycoins during the robbery. The gang also attempted however failed to steal the design framework for the skycoin ecosystem.

Stolen Skycoins

The total number of skycoins stolen by these individuals is still being determined and therefore is still currently unknown. The addresses that contain the stolen coins are also being documented for further evidence and will be used at a later date. In order to protect the interests of Skycoin holders, a temporary black-listing function was implemented in response to these events. The future use of this function will be subject to discussion and voting by the entire skycoin community over the next few months. This is to involve and assure the community that their voices can be heard.

The primary Skycoin exchanges were notified immediately asking them to put countermeasures in place, and to temporarily freeze the accounts of the criminal suspects. Frozen assets will be dealt with after the investigation has been concluded. The Skycoin legal team will also supply an update on the aftermath of the armed robbery at a later time when appropriate to do so.

According to feedback from exchanges that list Skycoin, the accounts holding stolen Skycoins have been frozen, so any further impact on the market should be limited. Although this scenario has caused some panic selling affecting the price of Skycoins dramatically. The panic selling  appears to be continuing however, at the time of writing the market price has recovered by approximately 30%.

Official Skycoin Accounts

Since some of the community social media accounts or Telegram groups were created by the EVOLAB team, therefore Skycoin community members wishing to stay connected should only subscribe to the groups mentioned on the Skycoin website (www.skycoin.net). Any others may be compromised and are now deemed unofficial. The links for the official Skycoin groups are also listed below. If you would like to get in touch with the team please use the official channels below. At times like this the Skycoin community needs to band together and show strength and unity.

To learn more please visit the Website : https://www.skycoin.net/

Telegram Bounty Channel: https://t.me/skycoinbounty
Read the White Paper – https://www.skycoin.net/whitepapers/
Chat with us on Telegram: https://t.me/Skycoin
Connect on Twitter – https://twitter.com/skycoinproject

Media Contact
Contact Name: Danish
Contact Email: danish@skycoin.net

Skycoin is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value, or of any value at all. Token sales are only suitable for individuals with a high-risk tolerance. Only participate in a token event with what you can afford to lose. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.

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