Ocean Protocol Foundation statement regarding the KuCoin hack
A hard fork of the Ocean Token contract on September 27
To the Ocean Protocol Community,
On Sep 25/26, over $150 million worth of tokens were stolen from KuCoin exchange, and as part of the theft, over 21 million OCEAN with a market value of over $8.6 million were stolen. The hacker is now attempting to liquidate the ill-gotten OCEAN.
Ocean Protocol Foundation is initiating a hard fork of the Ocean Token contract which will have the effect of reversing the ill-effects of the hack for anyone choosing to adopt the new version of the contract. We ask the community to join us and support the hard fork.
At 0900 GMT, the Ocean token contract was paused. At 1600 GMT, a new contract was instantiated reflecting the balances of OCEAN as of block height 10943665 on the Ethereum mainnet. The new smart contract will allocate stolen token balances to an address which will be held in trust in Singapore for persons affected by the theft. As Ocean Protocol Foundation has no power to compel exchanges, wallets, and information services to point their services to, or recognize the new contract address, it may take several days, and in some cases longer than that, for third parties to decide whether they wish to go along with the hard fork.
KuCoin has assured the community in their latest update that their insurance fund will cover any potential losses to users and the projects. We encourage KuCoin to provide clear guidance to the thousands of affected users, project teams, as well as liquidity providers on how they will meet their commitments.
The OCEAN contract contained a pause function for unforeseen emergencies like this one. We will post further updates after the hard fork is completed. We thank the community for your overwhelming support.
Signed,
Ocean Protocol Foundation
