According to its security design, cross-chain assets on the HyperExchange (HX) chain are managed using both hot and cold wallets.
The current total market value of cross-chain assets on the HX chain have exceeded $20 million USD. This has been deemed as the amount at which the asset is categorised as a higher security risk. In light of this, cross-chain assets with a high market value (such as HC), will be transferred to a cold wallet to ensure the security of users, and the safety of users’ funds.
Given that HX Senators have not yet been selected, the HCASH Foundation will collaborate with its development teams to conduct transactions between hot and cold wallets in the near future.
Approximately 80% of HC assets will be transferred to the cold wallet address: Hcd1iKHc2kPUE73XGFonYrWwKZ5eLLMDkEX
The remaining amount will be retained in the address: HcNvbjZ8fsRU1tWroHvUsbq8Xjaa8ZY56xr, supporting real-time deposits and withdrawals.
Due to the characteristics of the UTXO model of HC, transactions will be conducted in multiple instances until the pre-set percentage is reached.
The move to the cold wallet is for HC cross-chain assets only. During normal operation, the withdrawal of HC assets may take longer than expected. This will not affect other functions on the HX chain.