Crypterium, a fintech cryptocurrency processing company, has announced plans to conduct a 1: 1 swap, with the result that unaffected CRPT tokens will be transferred to a new smart contract for security purposes. This is stated in a press release dated October 21. The migration will improve security and prevent attackers from using stolen funds following the hack of KuCoin, one of the leading cryptocurrency exchanges in Asia, whose assets were stolen in the amount of more than $ 281 million.
According to KuCoin CEO Johnny Liu, hackers gained access to the private keys of the platform's wallets and began withdrawing huge amounts of BTC and ETH. The security team quickly stopped the attack and moved the leftover to new hot wallets before freezing client deposits and withdrawals. Stolen tokens include BTC, BSV, ETH, LTC, XLM, TRX, USDT, and CRPT. The hackers seemed inexperienced when they tried to transfer funds to other exchanges and DeFi protocols in order to sell them; however, exchanges that discovered infected tokens were able to freeze them, preventing thieves from withdrawing funds. KuCoin has assured its users that they will be fully refunded.
Among the tokens affected were 10 million CRPT tokens used to operate the Crypterium payment system and even to pay network fees. According to Austin Kimm, chief operating officer of Crypterium, the swap is a joint venture between the company and KuCoin to protect CRPT users around the world and make thieves' efforts useless.
Unlike regular swaps, when tokens are moved from one blockchain to another, when exchanging CRPTs, the basic smart contract on Ethereum is replaced with a new one. This is a technical maneuver that will only apply to unaffected tokens, thereby isolating stolen tokens. Consequently, hackers will face limited ability to move stolen CRPT tokens as the original smart contract is no longer supported.
The exchange process will be automatic and you, as a token holder, do not need to do anything to be safe. However, while the process will serve all tokens, even those held on third-party platforms like KuCoin, Liquid, and HitBTC, Crypterium notes that the first priority will be tokens stored in its wallet. Therefore, in order to avoid any swap delays as a holder, you are advised to move CRPT tokens from exchanges back to the Crypterium wallet by November 23, 2020, 00:00 UTC.
The company notes that until this date, it will continue to accept token deposits based on the old smart contract from external wallets. The platform also promises to meet the high fees incurred by users when returning tokens. They will receive compensation in CRPT tokens of equal amount.
After the swap occurs, the token holders will see the transactions recorded in the history tab. In addition, the swap will not affect the value or the amount of CRPT tokens held, and the token trading will continue uninterrupted throughout the period. Please note that the funds sent to the original smart contract will be lost forever after the swap is executed; therefore, the company strongly discourages using the old smart contract.
- Original smart contract: 0x80a7e048f37a50500351c204cb407766fa3bae7f
- New smart contract: 0x08389495D7456E1951ddF7c3a1314A4bfb646d8B
Launch of Crypterium Virtual Map and AI-Powered Price Predictions
In a press statement, the company also mentioned the launch of a virtual crypto card that will have the same cool features as its plastic version. Crypterium Card Visa Virtual Edition integrates seamlessly with the platform wallet and mobile payment systems.
According to Stephen Parker, CEO of the company, ordering a card is faster. It will offer its unique features to over 30,000 cryptocurrency holders who use the Crypterium payment system and will help the platform expand its audience worldwide.
Additionally, the Crypterium wallet will now offer artificial intelligence-based price predictions covering over 140 cryptoassets. The new feature should make it easier for investors to identify potentially profitable tokens and make them easier to invest. It boasts over 70% accuracy, the ability to process over 200 terabytes of complex data, and make predictions based on many variables. There will be free predictions for several popular tokens; however, to unlock the full list of coins, you need to pay $ 2.99 per day or $ 60 per month.