Following the recent security breach on KUCOIN Exchange, the Crypterium team has unveiled its plans to conduct a 1:1 auto swap to migrate unaffected CRPT tokens. The planned migration is geared towards enhancing security and isolating stolen funds. Consequently, the hacker(s) will be unable to utilize the stolen funds.
It can be recalled that on September 25, 2020, the cryptocurrency community discovered that Kucoin exchange had been hacked for a number of digital assets, including Bitcoin, Ethereum, Tether, and Crypterium, amongst others. Digital assets valued at roughly $281 million were said to be compromised in the breach, with a total of 10 million CRPT tokens being affected by the hack.
Although the CEO of the exchange, Jonny Lyu claims that the trading platform has recovered $204 million in crypto assets since October 1, Crypterium has decided to take an extra step to keep its users safe.
Speaking on this issue, Austin Kimm, Chief Operating Officer at Crypterium said:
“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 users worldwide and it is a great way to fight back the thieves that threaten this ever-evolving industry.”
As early stated, the swap is meant to isolate stolen funds and will therefore only apply to tokens that were not affected by the hack. As a result, tokens issued under the original smart contract will no longer be supported.
About the Swap
The CRPT swap is automatic and does not require any action on the part of token holders. The swap will affect CRPT tokens in every market, with the exception of tokens flagged as stolen in the recent Kucoin breach.
Although the swap will eventually affect all CRPT tokens stored on third-party exchanges and wallets, the Crypterium team will be giving priority to funds stored in its Wallet. With this in mind, the company has advised token holders to move their funds from crypto exchanges back to the Crypterium Wallet until November 23, 2020. Furthermore, the swap does not in any way affect trading activity. Users can still continue to trade uninterruptibly on either the Crypterium Wallet or on crypto exchanges.
Note: Crypterium also advises its users to send funds to the new smart contract address: 0x08389495D7456E1951ddF7c3a1314A4bfb646d8B. Sending funds to the original smart contract address will lead to an irreversible loss of funds.
Prioritizing User Safety
The Kucoin incident is not the first time a crypto exchange will be hacked. Data suggests that hackers have stolen more than $11 billion in digital assets since 2011. The centralized nature of crypto exchanges makes them a honeypot for hackers. According to BTC PEERS, the recent Twitter hack reveals the problems of centralized systems. Little wonder why Decentralized Finance is becoming more popular in recent times.
The Crypterium Virtual Card & AI-Powered Price Predictions
Away from the swap, Crypterium has unveiled its Crypterium Card VISA Virtual Edition. The virtual card can be used with the Crypterium Wallet and also works with mobile payment systems like Apple Pay.
The virtual card solves the “time” problem. Delivering a physical debit or credit card typically takes days or even weeks. However, with a virtual version to complement its already popular plastic card, users can deploy their cards in a matter of minutes.
According to Steven Parker, CEO of Crypterium,
“Everything we do at Crypterium is designed to deliver a unique customer experience. Crypterium Card is no exception. We decided to add flexibility to our flagship payment card with a virtual version that’s faster to order and delivers the same great features of the plastic version. In less than a year, Crypterium Card has become a go-to payment option for over 30,000 cryptocurrency holders around the world. We are confident this new take on Crypterium Card will help us reach a much wider audience.”
The Crypterium Card is essentially free and can be used in over 42 million retail locations across the globe. First-time users are however required to pay a fixed monthly maintenance fee of €2.99. This can be waived if a user loads more than €299 in a single month.
Meanwhile, the Crypterium Wallet has received a remarkable upgrade. The wallet now enables AI-powered price predictions for more than 140 cryptocurrencies. The accuracy of the system is above 70%. With the help of this new feature, individuals with little to no technical knowledge can still identify attractive assets and mitigate trading-related risks.
The system is capable of processing over 200 TB of complex data and outputs results based on a large number of variables. For a start, wallet users can access free predictions on assets like ETH, LINK, OMG, MKR, and ZRX. To unlock the full list of assets, they’ll have to opt into a $2.99/day or $60/month plan.
