Just over two weeks ago, we provided a brief update following the KuCoin hack, asking for your patience while we work through options to recover the hacked tokens. We’re pleased to confirm that we now have a workable solution ready to start implementing this afternoon. We are currently taking the necessary steps to reinstate the stolen tokens by bringing forward our planned ERC20 token swap.
If you’ve been following our recent roadmap, then you’ll know that we planned to switch the DGTX token from the ERC223 standard to ERC20. The switch was originally due to take place at the end of the year. However, to reverse the damage of the KuCoin hack to DGTX holders, we are now implementing the switch to ERC20 as soon as possible. The net effect will be to reinstate the stolen KuCoin tokens to their rightful owners.
The plan is that we will implement a new smart contract to re-issue all one billion DGTX tokens to the ERC20 token standard. These tokens will be allocated to all addresses currently holding DGTX. The only exception will be the hacked tokens, which will be reinstated to KuCoin users.
Here, we answer some of the questions we anticipate will arise due to the new token issuance.
When Will the New ERC20 Tokens Be Issued?
We have aligned with all the exchanges where DGTX is currently listed to ensure they list the new token and not the old one. This step is extremely important to ensure there is nowhere the hacker can trade their old stolen tokens, rendering them worthless.
My DGTX Tokens Were Hacked on KuCoin – What Does This Mean?
If you’re one of the KuCoin users affected by the hack, you don’t need to take any action. The new ERC20 DGTX tokens will be reallocated to the user accounts that held them prior to the hack.
Once we activate the new token issuance, your DGTX will be reinstated to your KuCoin account balance. If you don’t see them straight away, then don’t panic, they will arrive in short time.
My DGTX Tokens Are on the DFE or Another Exchange – How Does the ERC20 Token Swap Affect Me?
If you’re holding DGTX on the Digitex exchange or any other exchange, then your tokens will be replaced automatically with the new ERC20 tokens once they’re issued. You don’t need to take any action.
All exchange account balances and PnL accounts will be automatically updated with the new DGTX ERC20 tokens.
My DGTX Tokens Are in My Own Wallet – Do I Need to Do Anything?
No, you don’t need to do anything. Once we implement the new smart contract, you’ll see two DGTX balances – one for the old tokens and one for the new ERC20 tokens. The only ones of value will be the new ones.
What Happens to the Old ERC223 DGTX Tokens?
The old ERC223 tokens will remain in existence, but they’ll become worthless. All our exchange partners will list the new tokens, so the old ones can’t be traded anywhere.
The new DGTX ERC20 token will be the only token you can deposit on any exchange, including the Digitex Exchange.
What Does This Mean for the Rest of the 2020 Roadmap?
The switch to ERC20 doesn’t affect the rest of the plans we’ve already put in place for 2020. We will still launch the first iteration of Digitex City, including the DUSD stablecoin, in December.
Our original plan to swap to ERC20 was so we could list DGTX on the major decentralized exchanges, such as Uniswap.
If you have any further questions about the switch or anything else concerning the KuCoin hack or the DGTX token, don’t hesitate to get in touch with us via our 24/7 live support function on the website. We’re always available and happy to answer any of your questions.