On September 26th, 2020 an attack was carried out on Kucoin exchange. As a result of the attack, an estimated $220 million in crypto assets were stolen from Kucoin’s hot wallets, 3,126,692 COV tokens among them.
Following the incident, Covesting team has locked the stolen tokens on the hacker’s address (0xeb31973e0febf3e3d7058234a5ebbae1ab4b8c23), and performed a COV token swap to protect the value for token holders and prevent the cybercriminals from benefiting from the stolen assets.
- During the swap, all COV token holders received new tokens to their Ethereum wallets at a 1:1 rate.
- The hacker’s address has not received new tokens.
- We have also collaborated with Kucoin and HitBTC exchanges to provide new tokens at a 1:1 rate to support COV trading, deposits, and withdrawals without any penalties to the clients of these exchanges.
After the swap, the original COV smart contract is obsolete, and the old COV tokens have no use or value.
After October 7th, 2020 the new COV token must be used as defined by the new smart contract.