KuCoin Hack: Automatic CRPT Swap

Oct 22, 2020
11:10
2 min reading

Choise.com team

Update on the SWAP from December 24, 2020:

Deposits from external wallets and swap of old CRPT made after December 23, 2020, 00:00 UTC are subject to manual approval which usually takes 1 to 5 working days. Crypterium will not compensate the fee cost for deposits of old CRPT tokens made after December 23, 2020, 00:00 UTC.

To make SWAP after 23 December and onwards you need to transfer old CRPT tokens to Crypterium Mob App.

Those, who made deposits before 23th of December will get compensation within 5 working days.

Update on the SWAP from November 23, 2020:

We are pleased to announce that the CRPT SWAP period has been extended till the 23rd of December. The purpose of the extension is that not all users have transferred their old-CRPT to the Crypterium app for SWAP to take place.

We have started distributing ETH compensation for old-CRPT transfers to the Crypterium Wallet until the end of the extension period on Wednesday, December 23rd.

In the light of the recent security breach on KuCoin Exchange — one of the cryptocurrency exchanges supporting CRPT tokens — Crypterium conducts a 1:1 CRPT swap to a new smart contract to enhance your security and prevent hackers from utilizing the stolen funds.

This swap is a result of a coordinated effort with the KuCoin Exchange team to isolate the parties responsible for the regrettable security attack of September 26, 2020. According to KuCoin, a total amount of 10 million CRPT tokens were affected by this hack.

While this security incident was beyond our control, we take the security of CRPT holders very seriously. This swap reflects our commitment to protecting all CRPT holders worldwide.

Understanding The ERC-20 CRPT Swap

Typically, token swaps are associated with switching between different blockchains. A clear example of such an event was the 2019 CRPT swap from the ERC-20 to BEP-2 protocol — an initiative to allow CRPT holders to trade on Binance DEX.

In this case, the CRPT token swap isn’t meant to move tokens from one blockchain to another, but rather replace the underlying smart contract on the current Ethereum blockchain.

This technical maneuver will apply only to the tokens not affected by the hack. In other words, this swap will alienate the stolen tokens, giving hackers no options to move the funds around since CRPT tokens issued under the original smart contract will no longer be supported.

Key facts about the ERC-20 CRPT Swap

HitBTC switched to the new smart contract for CRPT. Withdrawals and deposits are supported for the updated version of CRPT. Please do not deposit old CRPT to your account at HitBtc.For Kucoin’s users, please note: ETH addresses available for CRPT deposits on Kucoin have been changed. The old ETH addresses are not available. Pay attention: trading platforms don’t support deposits of the old CRPT version anymore. Transfer your tokens on-chain with caution. The safest way is to transfer your CRPT to Crypterium wallet. We will support deposits of both versions of the CRPT until November 23.
The swap operation will be conducted only in Crypterium app as we will support deposits in both versions of the token. Please do not transfer your old version of CRPT anywhere except for Crypterium Wallet as there is a risk to lost your tokens.
This swap operation will affect all CRPT tokens except for those compromised on the recent KuCoin security attack.
CRPT holdings on Crypterium Wallet will move from the old to a new balance. This operation will happen automatically. Once the swap is executed on your wallet, you’ll see the transaction recorded in the History tab.
CRPT holdings on officially supported cryptocurrency exchanges (KuCoin, Liquid & HitBTC) will not be affected as they will update CRPT smart contact for deposits and withdrawals to a new version, but it might take some time. Please note that exchanges will stop process deposits of old CRPT version after switching to the new smart contract. That’s why we don’t recommend transferring your tokens anywhere except for the Crypterium Wallet.
CRPT blockchain withdraw will not be available in a few days.
Crypterium Wallet will continue to accept deposits of old CRPT from external wallets until November 23, 2020, 00:00 UTC.
Deposits from external wallets and swaps of old CRPT are subjected to considerable delays after November 23, 2020, 00:00 UTC. We encourage holders to transfer funds to Crypterium Wallet before that date to guarantee a smooth process.
Since the Ethereum blockchain fee is higher than usual these days, Crypterium will compensate the fee cost for the deposit of old CRPT token. The fee amount will be returned to your ETH balance during 5 working days after the end date of SWAP, which is November 23, 2020, 00:00 UTC.
Withdrawals to external blockchains from the old balance will be disabled as a result of this token swap operation.
Trading activity will not be affected by the swap. Whether you’re trading using Crypterium Wallet or third-party exchanges, you can continue to trade your beloved CRPT on any platform without any interruptions.
IMPORTANT: sending funds to the original smart contract will result in an irreversible loss of your funds. Do not use the original smart contract.

Original smart contract: 0x80a7e048f37a50500351c204cb407766fa3bae7f
New smart contract: 0x08389495D7456E1951ddF7c3a1314A4bfb646d8B

Please update Crypterium App. The update will be available within 1 day.

We are thankful for your support and understanding on this matter. If you have any doubts, don’t hesitate to write to us at support@crypterium.com or reach out via in-app chat.

You can access the latest updates on the KuCoin security incident here.