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Published on

March 16, 2022

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Algomint Public Announcement Jan 04

Update on Algomint’s operational status and address some questions

Press Release

Algomint Public Announcement Jan 04

March 16, 2022

Hi Algominters,

We would like to update everyone on Algomint’s operational status and address some questions you might have.

We understand that some customers are experiencing delayed responses to support queries, and the delay in refunds has caused anxiety among some. We apologise for the delay and frustration caused, and first of all want to assure you that your assets are safe with us, that we are working hard to accelerate the refunds process and clear the backlog.

This is also a good time to explain what we mean by refunds process, this refers to any transaction that requires manual intervention from the team. Generally for one of two reasons.

  1. The amount received by Algomint doesn’t match the transaction.
  2. The funds aren’t received and cleared within the transaction time limit. This can be due to the speed of the network (not Algorand of course) and/or a delay in the user sending the funds.

The refunds process involves several teams as we have a strict process to ensure the right checks and balances are made. Due to a shortage of staff over the holidays and a surge of incoming inquiries from a high volume of minting brought in by the incentive program announcement on 24th December, and unlocking after the Tinyman pool exploit on 2nd January combined with dedicating team time to assist with the efforts post exploit including reviewing code, heightening security and monitoring on-chain activity, we have hit a speedbump and haven’t been able to process all refund requests in a timely manner despite the team working around the clock. That being said, we now have all hands on deck to work through the tickets and you should receive your funds back within the next 12 hours.

In addition, we are working on enhancing the product workflow to make the performance more stable and the minting process more intuitive, so we can cut down refund needs from the root cause in future.

For first-time minters, we also strongly suggest that you read the guide doc on https://algomint-1.gitbook.io/algomint/ to avoid mistakes that may result in delays.

We would like to thank you for your patience and support. We have many amazing community members who have actively engaged in positive conversations to help explain the situation and curb rumors. We greatly appreciate your understanding and trust, it means the world to us. We are all in this together and Algomint will continue improving on our product and operations to serve the community and build the Algorand DeFi ecosystem.