On Friday 25 September 2020, the cryptocurrency exchange KuCoin was reportedly hacked, and several ERC-20 tokens were stolen, including 301 PMGT. Here's what we've done to protect the contract:
Before we were even notified about the incident from KuCoin, the InfiniGold security team had immediately dispatched to track the stolen PMGT and actively monitored the token's movements, freezing any PMGT in the Ethereum address associated with the stolen funds (Hacker's Ethereum address 0xeb31973e0febf3e3d7058234a5ebbae1ab4b8c23).
Since the hack, KuCoin has purportedly recovered the majority of funds and tracked down the hacking suspects via collaboration with law enforcement. However, despite InfiniGold requesting official documentation to support these claims, Kucoin has failed to adequately respond in a timely manner.
Concurrently, we have been developing concepts within our smart contract to make our tokens theft-proof. While the solution is not implemented yet, we have elected to facilitate a resolution manually, by instigating a smart contract update that allowed a token transfer, effectively reversing the transactions, and securing the appropriated PGMT from token holders.
Token holders are now once again able to withdraw, deposit and trade PMGT on the KuCoin Exchange (https://www.kucoin.com/news/en-cxo-adb-pmgt-deposits-and-withdrawals-now-open).
InfiniGold continues to be fully committed to PMGT and we will continue to support the token and its 100% backing with Perth Mint Gold. Token holders are recommended to withdraw their PMGT from the KuCoin Exchange or transfer their tokens to Independent Reserve as an alternative trading venue where PMGT will continue to be listed and actively traded. InfiniGold will seek listings on other, reputable platforms, ideally on regulated venues.
For those token holders that choose to liquidate their positions, InfiniGold has worked with leading global market makers to continue to provide adequate liquidity of PMGT on KuCoin until the close of business on the 20th of November.
“In short, due to these grievances, we are forced to withdraw our listing from KuCoin. It's a great shame to be pulling the listing, but KuCoin's handling of the incident demonstrates they are not adhering to the industry standards and governance that we would expect, and more importantly require for our products. And so cutting ties with the exchange, unfortunately, represented a forgone conclusion," said InfiniGold CEO Jon Deane.