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Crypterium To Conduct 1:1 automatic CRPT Token Swap

In the light of Kucoin hack on September this year Crypterium decides to issue an automatic token swap to prevent over 10 millions of the hacked token from circulating. According to KuCoin, a total amount of 10 million CRPT tokens were affected by the regrettable security incident on September 26.

Crypterium have also changed their smart contract and urged its users not to used the old contract to avoid loss of funds.

Original smart contract: 0x80a7e048f37a50500351c204cb407766fa3bae7f

New smart contract: 0x08389495D7456E1951ddF7c3a1314A4bfb646d8B

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”.

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