Aug 9, 2021
Dynamic Escrows for Lending contracts
Today we are introducing a new security feature called Dynamic Escrows. From now on, this will become a mandatory and regular procedure for every contract.
As you all know, during our latest security audits, we have identified the security issues that made us believe that some of our user passwords could potentially become compromised. Although the audit is still ongoing and the investigation is not completed, we want to ensure that your funds are safe.
How the new feature will work:
- You will be asked to create a new STRONG Payment Password. There are two ways you can be asked to migrate: either Admin will contact you in contracts chat asking you to confirm the Migration or relevant requirements will appear when you log into your account.
- Your counterparty will be asked to do the same
- When both parties have successfully changed their Payment Passwords, a new escrow address will be generated, and the funds from your existing contract will be automatically moved to the new escrow address
- All terms and conditions of your contract will remain the same, only the escrow address will be changed
You will be asked to confirm the change of your payment password with your old payment password, 2FA code, and your account password. Please keep in mind that in order to generate a new escrow, we will require both the Lender and the Borrower to participate.
Please save both of your payment passwords until ALL your contracts are successfully migrated to the new escrow address.
We kindly ask everyone to perform this action ASAP to ensure the safety of your funds.
Please note that this procedure does not imply any extra fees.
The security and transparency report will be available for everyone as soon as the investigation is completed. We will keep you posted in the upcoming days.
If you have any questions, please contact us via supportlend@hodlhodl.com or in your contracts chat.
We apologize for the inconvenience caused.
Thank you!
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