Regarding SingularityNET and the Recent KuCoin Hack

This article was first published on SingularityNET - Medium

On the 25th of September 2020, KuCoin experienced a serious breach in security (aka “hack”) and as a result, various ERC-20 tokens with an estimated value of 150 million USD, were transferred out of the exchange fraudulently. Of the tokens stolen, 43 million AGI tokens, owned by diverse community members, were among them.

It’s worth emphasizing that this event was entirely isolated to the KuCoin exchange and did not affect the security of our platform or any of our DApps.. The event also has had no impact on the short, medium or long-term availability of AGI tokens for those who want to use them on the SingularityNET platform.

Ultimately, after serious consideration and discussion of the various options available in response to this hack, SingularityNET Foundation has decided not to take any drastic action, such as hard-forking the AGI token smart contract.

KuCoin has assured us that their insurance policy will recompense those who have had their tokens stolen; and we are of course pleased and relieved to hear this, although we also do need to emphasize that it’s not a matter SingularityNET Foundation has anything directly to do with.

In the remainder of this blog post, in the interest of transparency and community, we briefly explain some of the thinking that went into our decision here; and then we provide answers to a number of questions regarding the hack, our response and the AGI token generally which have occurred recently in the community.

Choosing Decentralization and Democracy

When we first were notified of the KuCoin hack, the SingularityNET Executive Team in conjunction with the SingularityNET Supervisory Council convened to discuss our options in this evolving situation.

We noted, at this time, that some other projects similarly affected by this KuCoin hack event had chosen to hard-fork their token smart contracts, thus ...

To keep reading, please go to the original article at:
SingularityNET - Medium

Comments (No)

Leave a Reply