WOM Token completes 1:1 token swap following KuCoin exchange attack
The WOM Token Swap is completed following the KuCoin attack.
Most of you are aware that on Saturday, September 26, KuCoin announced an attack on their exchange in which more than US$150 million were stolen. Numerous projects lost tokens and approximately 13 million WOM tokens were included in the attack.
As soon as we learned of the security breach, we immediately informed our communities and began the process of coordinating with KuCoin directly to learn the extent of the issue and how we could mitigate and potential damage.
We also immediately notified the other exchanges that list the WOM Token: Bithumb Korea, Bithumb Global, and Liquid, in order to stop WOM Token withdrawals and deposits and restrict the attacker’s ability to transfer the stolen WOM Tokens.
Our team made the choice to perform an immediate token swap, isolate the attacker’s address, return those funds, and resume operations on the replacement WOM Token.
A snapshot was taken of the entire WOM token transaction history and balances.
At 9:30am CET on September 29, 2020 we isolated the stolen funds and began the token swap process. We successfully migrated all balances to the replacement WOM Token, and restored the stolen funds to KuCoin.
The process was further confirmed directly on-chain, and the balance confirmation result of the swap is published here:
https://docs.google.com/spreadsheets/d/1cQxPuQZs09GexAWk8tTDxicFmJWqbU1jtYzi5qEqTqc/edit?usp=sharing
The new contracts now reside on the main Ethereum network at the following addresses:
WOMToken: https://etherscan.io/address/0x0C61F671A73744c080ef5bC2a5daA534b6ECb302#code
WOMProxyAdmin: https://etherscan.io/address/0x37836c3d61E6ee20C98cc53240994E0609DF0dc7#code
WOMTokenProxy: https://etherscan.io/address/0xBd356a39BFf2cAda8E9248532DD879147221Cf76#code
As a current token holder, you now need to interact with WOM on the new WOMTokenProxy contract address as we built this using OpenZeppelin proxy upgradability (https://docs.openzeppelin.com/upgrades-plugins/1.x/writing-upgradeable).
If you are using a wallet app, confirm that the app has correctly acknowledged the token swap. If not, please reach out to us on Telegram: https://t.me/WOMProtocolChat
Thank you to our community for your support of the WOM Protocol! A massive group effort from our developers, community managers, and KuCoin Exchange enabled us to deal with the attack with no real damage to the WOM Token or the WOM Protocol project. And thanks to your continued support of the WOM project, we can continue building the WOM Protocol and the next generation of marketing!
