In the Binance Hack, This Altcoin Remained in the Attackers’ Possession—They Couldn’t Sell It

The Allora team released a new statement today regarding the ALLO tokens seized in the Binance security incident. According to the team, none of the ALLO tokens obtained by the attacker were sold or transferred from the attacker’s wallets to other addresses. The statement indicated that as soon as the affected tokens were identified, the emergency protection mechanism in the ALLO smart contract was activated.

This action reportedly eliminated the attacker’s ability to transfer, sell, or use the tokens. Allora announced that the process of returning all affected ALLO tokens to Binance is ongoing. It was also specifically stated that this process will not alter the total ALLO supply.

Related News: While Bitcoin Was Falling, This Altcoin Surged Over 40 Percent! The team also stated that the Allora network and the ALLO token contract were secure, and that ALLO tokens held outside of Binance were not affected by the incident. Thus, they limited the scope of the problem to tokens held on the exchange and seized in the attack.

The completion of the recovery process has not yet been announced. Allora stated that it will provide further information when the process is finished. They also warned that messages requesting users to send tokens or connect wallets do not originate from the project.

*This is not investment advice. Continue Reading: In the Binance Hack, This Altcoin Remained in the Attackers’ Possession—They Couldn’t Sell It