The Neo crypto network faced an unfortunate cyber attack on August 10th, 2021. Luckily, no Neo crypto funds were harmed due to the cyber attack. Due to this criminal security breach, The Neo crypto establishment has chosen to delay the Neo Legacy service of early bird migration.
Presently, the service has progressed to “Neo N3” as a preventative measure to safeguard their client’s crypto funds. The Poly crypto network has been chosen as the pathway to protect user funds. The established Poly link will promote the migration of crypto coins beyond blockchain connections.
Neo has given utmost importance to the protection of client funds for the process of migration. The Neo Foundation is set to adopt an alternative migration method in the event of the gradual resumption of Poly Network’s services.
The old method of GAS migration in the NEO crypto network will resume on August 18 through the official migration site. To apply for the latest method for migration, users will need to employ the NeoLine 3.4.2 or O3 v3.8.2 updates. The assistance of prominent crypto wallets and exchange platforms will follow suit gradually. The information landing site of Neo migration will update the new conformities and framework within this week.
With the new developmental hallmarks in place, Neo’s migration site administrator will transfer NEO and GAS to a blackhole location (ANeo2toNeo3MigrationAddressxwPB2Hz). This blackhole location service will be in collaboration with Neo Legacy and the reliant location site of NEO N3.
The Neo crypto establishment will review the blockhole site before authorizing a transaction. The valuation of NEO and GAS coins to the Neo N3 sites will be presented to the clients after the analysis and clearing of the establishment,
Two methods of crypto transfer fees will be employed to execute the desired exchange. Clients will have to comply with the mandated GAS compensations proposed by the crypto wallets. Moreover, a single crypto network GAS compensation conformity will be applied to each migration exchange, as the NEO price prediction analyst stated.
The clients of the NEO crypto network will be able to trade less than 10 NEO tokens or 20 GAS tokens. Added crypto-system compensations will practice individual exchanges exceeding 15 UTXO figures. With the new migration peculiarities, clients will be restricted from modifying coins on N3 in the case of inadequate GAS coins being utilized.