ANNOUNCEMENT
Ascendex hack and Zignaly’s actions to safeguard YOUR interest! 💪
ZIG ERC20 timely token contract swap saves us from a potential 22,000,000+ ZIG Coins dump!
Hello,
As you might be aware by now, on December 11 at approximately 22:00 UTC, AscendEX identified several unauthorized transfers from one of their hot wallets — in simpler words, a small percentage of digital assets held by the Exchange were transferred out. For complete details on what happened and how Ascendex is managing the situation, click here.
While Ascendex is hard at work, we at Zignaly devised two strategies to fully Safeguard the interests of the Zignaly believers; 1) Temporary risk mitigation 2) Permanent risk mitigation.
While a better part of our team got down to work to implement a permanent risk mitigation strategy, others focused on Temporary risk mitigation, which proved to be effective — it was based on the following elements:
- Working closely with Ascendex and MEXC to suspend all kinds of ZIG transfers 📛— this was an important step to disabling the hacker from transferring the stolen tokens on an exchange and selling them — which would have resulted in unnatural price action.
- Joined forces with the DEXs and Farms that we’re listed on, to remove liquidity — this was yet again an important step to de-incentivizing the Hacker from dumping the stolen ZIG coin.
- Internally blacklisted ⬛️ the Hacker’s wallet addresses on the Zignaly bridge and the platform.
Although the temporary risk mitigation measures have been effective to prevent any mishappenings, we have now rolled out the Permanent risk mitigation measure — which is carefully designed to fully eliminate the threat and effectively turn the stolen tokens worthless. To achieve this, we are SWAPPING THE ERC20 ZIG COIN TOKEN CONTRACT. In simpler words, it means that the affected token contract is replaced with a new one — resulting in a 1:1 swap of affected (old) ZIG coins on the ERC20 network with the updated ones. Hence, if you hold 1,000 affected (old) ZIG coins, you will be entitled to receive 1,000 updated ZIG coins. 💪
The new ERC20 ZIG contract address is:
0xb2617246d0c6c0087f18703d576831899ca94f01
Snapshot taken at:
Block number: 13796453
Block timestamp: 1639393823
Why is this important? Since all of the ZIG coin holders (excluding the hacker, obviously), will get the swapped ZIG, it will effectively make the Hacker’s holding worthless — as market for the old and affected ZIG coins would cease to exist. ❎
How will this be executed? If you are holding ZIG on AscendEx, MEXC, or inside Zignaly Vault, nothing changes for you as this swap has already taken place, and no action is required from your side. If you are using BSC or Polygon (Matic network) or hold ZIG in a BSC wallet, again, no action is required and nothing changes for you. Those holding ZIG on the ERC20 network have received a new ZIG Coin in the same proportion as the previous holding, all they need to do is remove the affected ZIG coins and add the new contract address — for which we’ve rolled out a detailed guide.
While you read this, we’ve already swapped the contract (and tokens) and all of you holding ZIG on the ERC20 network must have received the new tokens already (follow our guide to add swapped ZIG coin to your ERC20 wallet), ensuring that the Zignaly ecosystem does not have to live in a fear of 22,000,000+ coins to be dumped one day! Unfortunate events like this one are a common occurrence in the Cryptosphere, and while we were not directly attacked or affected, it is our obligation to do any and everything in our power to SAFEGUARD YOUR INTEREST, as your trust and belief in the Zignaly ecosystem are priceless to us. 😃
Also, we would like to appreciate the timely and swift actions taken by Ascendex (along with other CEXs and DEXs) to ensure the blacklisting of the Hacker’s wallet addresses coupled with other preventive actions. It is alliances and teamwork like this that keeps our hopes high from the overall Crypto and Blockchain ecosystem. Rest assured that the Zignaly team sleeps with one eye open and you will find us highly proactive when it comes to situations that threaten YOU, the believer of the Zignaly ecosystem. Once again, we would like to extend our sincere gratitude for your trust and unending support! ❤️
With love from Team Zignaly!
PS: If you are holding your ZIG coin on Metamask (ERC20 wallet), we once again advise you to follow our guide on adding contract-swapped coins to your wallet!
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