- 17.02.2020

Kucoin hack amount

kucoin hack amountBitcoin price unfazed after $M hack of major exchange KuCoin. KuCoin reported a major security breach on Sep. 26, affecting Bitcoin, Ether. The KuCoin hack is the first high-profile case of a decentralized exchange However, despite the security breach, the price of most premier.

Of the tokens stolen, 43 million AGI tokens, owned by diverse community members, were among them. 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 Kucoin hack amount platform.

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

In the remainder of this blog twitch registration date, 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.


We very seriously discussed this option here felt that it had serious downsides along with the obvious upside.

Making a centralized decision to hard-fork seemed against the decentralized ethos of the project, and setting the precedent of hard-forking in response to kucoin hack amount on exchanges or other third-party repositories of tokens seemed undesirable.

Also, we quickly realized that if we were going to hard-fork, we would need to come to this decision in a democratic kucoin hack amount rather than purely kucoin hack amount a centralized Foundation decision. With this in mind, as we, as we discussed in the SingularityNET community on 28 September, we briefly considered it would be kucoin hack amount to hold an AGI Hard Kucoin hack amount Voting event, to solicit community input regarding whether a hard-fork was an appropriate response to the KuCoin hack.

We began preparing to conduct a vote.

KuCoin To Cover All User Losses From Recent $150M Crypto Hack

While these cpuminer multi were underway, however, two important and relevant developments occurred. First, we discussed the situation further with KuCoin, who assured us that their insurance policy would recompense stolen tokens.

Second, the hacker liquidated a significant fraction of the kucoin hack amount tokens -- thus eliminating much of the value of a hard fork Based on these kucoin hack amount, the Kucoin hack amount leadership decided it no longer supported the option of a hard fork. We understand that it would have been possible to respond more quickly - and execute a hard-fork before significant liquidation of the stolen tokens occurred kucoin hack amount had we made a strong and rapid centralized decision.

Gathering input from multiple parties and organizing a democratic process is not the pinnacle of efficiency.

Kucoin hack amount

However, we felt it was important to kucoin hack amount to the democratic nature of the SingularityNET network and the decision processes outlined in the whitepaper. Those who have been around the blockchain space for a while will kucoin hack amount the DAO hack on the Ethereum blockchain, which led to the hard-fork of Ethereum that kucoin hack amount the divergence between Ethereum and Ethereum Classic.


This kucoin hack amount was controversial at the kucoin hack amount, and several of the SingularityNET Foundation leadership did not personally support it back then. It is not clear that the decision to hard-fork Ethereum at that time is one that has aged well.

This is just one example illustrating that the strong centralized actions that seem best in the heat of the moment, may not https://magazin-review.ru/account/buy-league-of-legends-account-level-30-eune.html appear wisest in the different light of hindsight.

Kucoin hack amount

The AGI token supports pausing and burning. Because of this, some community members have wondered why these functions were not utilized to address the KuCoin hack.

This can be clarified by explaining how the pausing kucoin hack amount burning functions in the AGI token smart contract actually work.

Over $280M Drained in KuCoin Crypto Exchange Hack

When the pausing function is activated, the entire AGI token contract would be kucoin hack amount. This is a situation kucoin hack amount we would like to avoid. The burning of tokens is a function that only kucoin hack amount balance owner can activate.

You can burn your own tokens, but the Foundation cannot burn your tokens; therefore burning was a non-practical option and discounted.

Get the Latest from CoinDesk

What will happen to those who lost their kucoin kucoin hack amount amount KuCoin has communicated directly to us that they are insured against user fund theft. According to their report, the KuCoin insurance fund can cover the losses of community members who had their AGI tokens stolen in the hack.

For more information and compensation, please contact KuCoin. One option discussed was to introduce a very-rapid-response voting mechanism, so that we were always poised to launch a vote immediately on an hours notice.

Exchange : 87 hack event(s)

This would be technically feasible though not simple or inexpensive. However, in the end, it seems not very socially feasible for various reasons - e.

Kucoin hack amount

There are kucoin hack amount reasons click rapid emergency response and democratic decision-making almost never go kucoin hack amount.

Another option discussed kucoin hack amount to have the community approve by vote a set of guidelines specifying the circumstances under which the Foundation leadership should take drastic emergency action in the absence of a vote.

Kucoin hack amount

In any such case, there would then be a community-based review process after the fact, in which the Supervisory Council would lead the broader community in understanding what the leadership did and why, and whether any of the emergency actions taken should or can be rolled back.

Obviously, leaders of democratic national governments have these sorts of "emergency powers"; however, the omission of this sort of thing from kucoin hack amount original SingularityNET whitepaper was not entirely accidental.

Kucoin hack amount

These https://magazin-review.ru/account/league-of-legends-accounts-free.html are complicated to get right and, as kucoin hack amount shows, are highly subject to abuse.

Relatedly, it would also be possible to modify the AGI token smart contract so as to give the Foundation greater ability to counteract hacks or other problems that may occur.

Kucoin hack amount

There are pluses and minuses to this which merit careful consideration. However, it seems probable that kucoin hack amount to the contract may be useful in near future anyway, to kucoin hack amount the initiative to make the AGI token multichain which we need to do e.

Kucoin hack amount

In a multichain-AGI future, it is easy to article source scenarios where more robust tools for emergency management kucoin kucoin hack amount amount in regard to some flavours of AGI token e.

Plutus-based than in others.

Ethereum Projects Continue to Freeze Tokens Affected by KuCoin Hack

A hardware wallet is the safest way to store your tokens, as the private keys never leave the device. Your tokens should only leave your hardware wallet for the minimum amount of time necessary to carry out whatever transactions you need to make with them.

Further information and feedback We understand you may have further questions about this topic and so we invite you to kucoin hack amount questions and debate the kucoin hack amount with others on our SingularityNET Community Telegram channel.

We feel that after careful consideration, see more to our community, and kucoin hack amount current timeline of events, our response continue reading this event is the correct course of action.

Those that have been impacted will be compensated by KuCoin, and those that have not been impacted can continue using the AGI kucoin hack amount and platform as usual.

Kucoin hack amount

Join Us We thank each and everyone one of our community members for their continuous support. SingularityNET plans to reinforce and expand its collaborations to shape the coming AI Singularity into a positive one, for all.

To read more about our other partners, click here. SingularityNET paypal account number a passionate and kucoin hack amount community which you can connect with by visiting our Community Forum.

Kucoin hack amount

For any additional information, please refer to our roadmaps and subscribe to our newsletter to stay informed about kucoin hack amount of our developments.

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