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Privacy-focused cryptocurrency project Pirate Chain (ARRR) said on Oct. 15 that about 39.8 million ARRR, worth roughly $9.44 million, was illicitly minted after vulnerabilities were exposed in its transaction validation process, according to a post on its official X account. The amount is equal to about 20% of ARRR’s total supply.
Pirate Chain said the attacker exploited two vulnerabilities to bypass issuance checks and trigger a misinterpretation of output scripts. The illicitly minted funds were moved to the shielded pool, and Pirate Chain said fully tracing the flow of funds is difficult because of the anonymity of shielded transactions. Pirate Chain added it had asked major exchanges to suspend ARRR deposits and withdrawals, while dPoW operators decided to temporarily halt transaction validation. The development team is also preparing recovery measures.
According to CoinMarketCap, ARRR was trading at $0.2372, down 14.82%, at the time of writing.