Kucoin

Kucoin DGTX Token Swap Is On: Here Are the Details

Digitex Futures
• Digitex
October 14, 2020

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.

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.

October 14, 2020
Digitex Futures

Kucoin DGTX Token Swap Is On: Here Are the Details

Digitex
Kucoin

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.

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.

Latest News

KuCoin

Update Following the KuCoin Hack

Cryptocurrency
• Digitex
September 28, 2020

Over the weekend, KuCoin experienced a major security breach whereby hackers managed to steal various cryptocurrencies, with the final amount still to be determined. Unfortunately, we do know that DGTX tokens were among the stolen funds. However, we’d like to assure everyone that we’re working with KuCoin on the necessary steps to ensure affected users get their funds back.

What Happened with KuCoin?

KuCoin hasn’t yet confirmed exactly what happened. However, we know that the attack was on the exchange’s hot wallets, and hackers stole a combination of cryptocurrencies, including over $150 million worth of ETH and Ethereum-based tokens, including DGTX.

For its part, KuCoin reached out to all affected projects, including Digitex, over the weekend to warn of the breach. The company has also assured its users that it will reimburse anyone affected by the hack from its insurance fund.

KuCoin is working with other exchanges, law enforcement, and blockchain security firms to limit the overall damage and prevent any repeat occurrences. We can confirm that the other exchanges listing DGTX have been warned of the incident and have taken steps to blacklist the hackers’ address, meaning they don’t have a way to cash in their DGTX tokens.

Can Digitex Recover the Stolen DGTX Tokens?

Despite KuCoin’s assurances that it will cover all losses using its insurance fund, Digitex is also working behind the scenes on a solution of our own to reinstate the lost funds.

Our token has an added complexity compared to many projects, in that DGTX is a utility token actively used on the Digitex exchange. Therefore, there are some technical issues that we’re working through with the developers. We’re also exploring options with the team at KuCoin.

It’s absolutely a critical priority for Digitex that affected DGTX holders are reimbursed as quickly as possible. However, at the same time, we need to ensure that our core operation – the Digitex Futures Exchange – can continue to operate.

As we grow and get listed on bigger exchanges, we’ve had an unfortunate reminder that these platforms are naturally more attractive targets for hackers due to the huge volumes traders put through them.

We ask that you please bear with us while we work through the technical options. We will come back to you as soon as possible once we’ve worked out what needs to happen. However, anyone who has lost out on DGTX can rest assured that their account balances will be restored in full at the first opportunity.

 

September 28, 2020
Cryptocurrency

Update Following the KuCoin Hack

Digitex
KuCoin

Over the weekend, KuCoin experienced a major security breach whereby hackers managed to steal various cryptocurrencies, with the final amount still to be determined. Unfortunately, we do know that DGTX tokens were among the stolen funds. However, we’d like to assure everyone that we’re working with KuCoin on the necessary steps to ensure affected users get their funds back.

What Happened with KuCoin?

KuCoin hasn’t yet confirmed exactly what happened. However, we know that the attack was on the exchange’s hot wallets, and hackers stole a combination of cryptocurrencies, including over $150 million worth of ETH and Ethereum-based tokens, including DGTX.

For its part, KuCoin reached out to all affected projects, including Digitex, over the weekend to warn of the breach. The company has also assured its users that it will reimburse anyone affected by the hack from its insurance fund.

KuCoin is working with other exchanges, law enforcement, and blockchain security firms to limit the overall damage and prevent any repeat occurrences. We can confirm that the other exchanges listing DGTX have been warned of the incident and have taken steps to blacklist the hackers’ address, meaning they don’t have a way to cash in their DGTX tokens.

Can Digitex Recover the Stolen DGTX Tokens?

Despite KuCoin’s assurances that it will cover all losses using its insurance fund, Digitex is also working behind the scenes on a solution of our own to reinstate the lost funds.

Our token has an added complexity compared to many projects, in that DGTX is a utility token actively used on the Digitex exchange. Therefore, there are some technical issues that we’re working through with the developers. We’re also exploring options with the team at KuCoin.

It’s absolutely a critical priority for Digitex that affected DGTX holders are reimbursed as quickly as possible. However, at the same time, we need to ensure that our core operation – the Digitex Futures Exchange – can continue to operate.

As we grow and get listed on bigger exchanges, we’ve had an unfortunate reminder that these platforms are naturally more attractive targets for hackers due to the huge volumes traders put through them.

We ask that you please bear with us while we work through the technical options. We will come back to you as soon as possible once we’ve worked out what needs to happen. However, anyone who has lost out on DGTX can rest assured that their account balances will be restored in full at the first opportunity.

 

Latest News

DGTX vs KuCoin Shares (KCS) - An Exchange Token Comparison 1

DGTX vs KuCoin Shares (KCS) – An Exchange Token Comparison

Cryptocurrency
Digitex Futures
• Sarah Rothrie
March 12, 2019

KuCoin burst onto the scene in 2017, after four years of behind-the-scenes development. It had the goal of becoming one of the top 10 exchanges by mid-2019. While it still has some way to go, the exchange has a solid reputation, particularly among fans of its KuCoin Shares (KCS) profit sharing model. But does the KCS token stand up to DGTX? Let’s find out! Continue reading

March 12, 2019
Cryptocurrency
Digitex Futures

DGTX vs KuCoin Shares (KCS) – An Exchange Token Comparison

Sarah Rothrie
DGTX vs KuCoin Shares (KCS) - An Exchange Token Comparison 2

KuCoin burst onto the scene in 2017, after four years of behind-the-scenes development. It had the goal of becoming one of the top 10 exchanges by mid-2019. While it still has some way to go, the exchange has a solid reputation, particularly among fans of its KuCoin Shares (KCS) profit sharing model. But does the KCS token stand up to DGTX? Let’s find out! Continue reading

Latest News