Kardiachain issues 1:1 token swap in response to Kucoin security breach — ensuring no loss to KAI holders

KardiaChain
Sep 27, 2020 · 3 min read

Automatic distribution of new KAI token will take place today!

Hi Kardians, thank you for your patience. As most of you will already be aware, one of our trading exchange partners suffered a security breach that resulted in the unauthorised removal of approx $200m worth of various cryptocurrencies. A large amount of KAI tokens were affected by this event.

Image for post
Image for post

Since being made aware of the situation our team has been working hard to find the best possible outcome for our loyal community of holders, investors and partners. This has involved discussions with the team at Kucoin who have clearly been extremely busy in assisting many different projects in finding the best solution for all parties, but most importantly for you, our supporters.

We have concluded that to eliminate any risk of the stolen KAI tokens ever being sold on the secondary market, we will make the previous contract address obsolete. The hackers tokens will be worthless whilst all other KAI addresses will be credited with the new KAI token on our new contract address.

New KAI contract address- 0xd9ec3ff1f8be459bb9369b4e79e9ebcf7141c093

The process-

1 — Kardiachain team deploy a new KAI smart contract

2- Freeze all old KAI transfers/pending transactions

3 — Take a snapshot of the of all addresses

4 — Automatically distribute new KAI token to all addresses (excluding hacker address/s)

5 — List new KAI token on all exchanges + remove old KAI token

The process above requires no input from holders on exchanges, everything will be automatic. All staked tokens and rewards will remain in place and this will occur automatically.

If you currently hold your KAI off exchange and in an erc20 compatible wallet, ensure you make note of our new contract address and update the “custom token” details in any wallets you may have like Metamask, Myetherwallet etc. This is not necessary for the process but it is necessary for you to be able to view your KAI balance. For any assistance or info on this process please contact the ambassador team via our telegram channel t.me/kardiachain.

It is with great respect we thank you all for your continued support and understanding throughout this process. It has been a learning experience for us all, Kucoin and our other exchange partners provide a fantastic service in enabling the trade of our token but once bought we believe taking full ownership of your KAI via a non-custodial wallet is always the recommended option. We hope this incident leads to high adoption of the KAI Master Wallet when it is released to the market!

Image for post

Website | Official Telegram community | Official Vietnamese community |
Official Announcement | Reddit | Medium | Twitter | Linkedin | Kakaotalk

KardiaChain

ACCESSIBLE BLOCKCHAIN FOR MILLIONS

KardiaChain

Written by

UNIFIED BLOCKCHAIN ECOSYSTEM — The first fully decentralised interoperable and self-optimised blockchain ecosystem

KardiaChain

WE BELIEVE BLOCKCHAIN SHOULD BE ACCESSIBLE FOR EVERYONE

KardiaChain

Written by

UNIFIED BLOCKCHAIN ECOSYSTEM — The first fully decentralised interoperable and self-optimised blockchain ecosystem

KardiaChain

WE BELIEVE BLOCKCHAIN SHOULD BE ACCESSIBLE FOR EVERYONE

Medium is an open platform where 170 million readers come to find insightful and dynamic thinking. Here, expert and undiscovered voices alike dive into the heart of any topic and bring new ideas to the surface. Learn more

Follow the writers, publications, and topics that matter to you, and you’ll see them on your homepage and in your inbox. Explore

If you have a story to tell, knowledge to share, or a perspective to offer — welcome home. It’s easy and free to post your thinking on any topic. Write on Medium

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store