Following the recent KuCoin security breach, there are still some questions waiting to be answered. More and more affected ecosystems are in the process of conducting token swaps to put this issue behind them. Crypterium’s CRPT will also go through such a swap in the coming days.
CRPT was Affected During the KuCoin Hack
Almost a month ago the KuCoin exchange was affected by a major security incident. During the attack, a culprit – or group of culprits – managed to steal $281 million worth of funds. This hack affected popular cryptocurrencies, as well as a wide variety of tokens issued on the Ethereum blockchain. To this date, it remains unclear who is behind the attack exactly.
For the affected projects, there are some concerns to address as well. It is not just a matter of attempting to invalidate the stolen tokens, but also figure out a way to keep the project moving forward. In Crypterium’s case, an automatic swap for unaffected CRPT tokens will be conducted. The tokens will be migrated to a new smart contract.
During the incident, an estimated 10 million CRPT tokens were stolen. To provide other holders with peace of mind, the team deems it necessary to swap all tokens to this new contract. It is important to note this does not involve switching blockchains, but rather a change where the smart contract is concerned.
As a result of this approach, stolen tokens will no longer have value, nor can they be moved to a new address. Any token still tied to the original contract will no longer be supported by the network, exchanges, or trading platforms.
Going Through the Motions
An automated swap of tokens often occurs in various stages. For CRPT, the first tokens to be swapped pertain to the Crypterium Wallet. Users can move CRPT holdings from exchange to the wallet until November 23,2020, 00:00 UTC. At that time, the automated swap will be triggered by the network.
Users who are worried about high Ethereum gas fees will see their expenses covered. Fee amounts will be credited to CRPT users moving their funds to the Crypterium wallet during this period.
The CRPT token swap is the latest development for Crypterium. Earlier, the project’s team confirmed a new Crypterium Card will become available to users. Referred to as the Crypterium Card Virtual Edition, it will integrate into the Crypterium Wallet and Apple Pay, just like the physical version would.
“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,” outlined Crypterium CEO Steven Parker.
For interested customers, not having to wait for a physical card makes a difference when trying to spend supported cryptocurrencies. A virtual card is issued instantly. Millions of retailers accept the card, and cardholders can spend up to €10.000 per month.
AI Functionality for Crypto Investing
The final update from Crypterium comes in the form of its price prediction technology. It is powered by artificial intelligence technology, and supports over 140 digital assets. As is always the case with AI, the reliability rate is not 100%. According to the team, a 70% success rate is noted on average.
Finding entry points for cryptocurrency markets is often very challenging. Crypterium feels its AI-based solution can lower the barriers to entry. The technology has been in development for over a year, and will continue to undergo updates to improve overall accuracy. Users of the Crypterium Wallet can obtain free predictions for popular assets, or pay a fee to unlock the complete list of supported assets.