The recent KuCoin incident has caused a lot of issues for listed tokens and their projects. With roughly $150 million in funds stolen, precautions need to be taken. Orion Protocol has invalidated any stolen tokens through an automatic token swap.
A Bold Decision by Orion Protocol
It is crucial for cryptocurrency and blockchain projects to respond to any serious threats. While the KuCoin hack was not expected by anyone, it has affected over half a dozen different cryptocurrencies and tokens. In some cases, such as Tether, funds have been frozen successfully. For others, the solution may not be all that easy.
It is all the more remarkable to see Orion Protocol solve this problem through a token swap. Opting for this option makes ample sense on paper. It not only ensures unaffected users will not see any hindrances, but it also invalidates any stolen tokens. A non-intrusive way to address this situation, as everything has been taken care of automatically
Addressing these tokens is done through a blockchain snapshot at block 1039462. All ERC20 tokens for ORN have been reissued through a new smart contract, making the previous address and tokens obsolete. Stolen tokens still exist on the blockchain, but they no longer have any value attributed to them.
It is advised that all Orion Protocol token holders never use the previous token address again. Sending money to this address will result in tokens being lost forever.
Automating a Crucial Change
Anyone keeping Orion Protocol tokens on a centralized exchange will not notice much difference. All exchanges have updated the smart contract address to ensure the swap went through smoothly. It is commendable to see companies working together during such crucial times.
This also applies to staked tokens and their official rewards. These will remain in place and be transitioned over automatically. As far as KuCoin withdrawals are concerned, users will automatically receive the “updated” Orion Protocol tokens accordingly.