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