A bug in Pirate Chain’s network allowed for the minting of approximately 39.8 million new ARRR coins, representing about 20% of its total supply. This occurred after the Ironwood upgrade went live on October 3, with the flaw appearing on October 14. The team initially considered rolling back the chain but later abandoned this plan.
The incident highlights concerns about the integrity of cryptocurrency supply mechanisms. In contrast, the meme coin Pepeto, currently in presale, features a fixed supply of 420 trillion tokens. Its cross-chain bridge operates by locking tokens on one chain before new ones are created on another, preventing unintended inflation.
Pirate Chain Bug and Its Implications
The Pirate Chain bug resulted in the creation of 39.8 million ARRR coins out of thin air. This event underscores the importance of understanding a coin’s supply rules rather than solely focusing on price charts. The incident led The Crypto Times to report on October 16 that users were advised not to move funds.
The bug’s emergence shortly after the Ironwood upgrade has raised questions about network security and the robustness of its upgrade processes. The decision not to roll back the chain suggests a complex situation or a strategic choice by the developers. This situation emphasizes the need for rigorous auditing and testing of blockchain protocols before and after significant updates.
Pepeto’s Approach to Token Supply
Pepeto’s presale has garnered over $11.2 million in investments. The project touts a secure cross-chain bridge designed to maintain its fixed supply of 420 trillion tokens across various blockchains. This bridge ensures that tokens are only created on a destination chain after a verified lock of the original tokens on the source chain.
This mechanism prevents the addition of any extra coins during transfers, offering a contrast to the unintended inflation experienced by Pirate Chain. Pepeto’s bridge supports multiple chains, including Ethereum, BNB Chain, Solana, Base, and Arbitrum, with a stated $0 bridge fee, charging only for gas. The platform also offers staking with a variable APY, with rewards unlocking at the token’s listing.
Market Performance and Future Outlook
Following the bug, ARRR saw a price drop of 6.5%, settling at $0.2596. Meanwhile, Pepeto continues its presale at $0.0000001901 per token, with analysts projecting a potential 100x increase post-listing. The project’s presale is ongoing and accessible via the Pepeto official website.
Other cryptocurrencies mentioned include Filecoin (FIL), currently trading at $1.11, and Worldcoin (WLD), priced at $0.510. Filecoin recently saw its yearly new supply cut significantly. Worldcoin experienced a daily increase of 13.27%. Both FIL and WLD are trading substantially below their historical highs, requiring significant growth to reach previous peaks.
Pepeto’s presale stage is still open, offering an opportunity for early investment before its official listing. The project’s emphasis on a fixed supply and a secure bridge positions it as a noteworthy option in the current presale market.
