Hooked Protocol to Set up Unique uHGT Token Contract along with Execution of Token Migration

Hooked Protocol shared a blog post elaborating on the security-related incident of uHGT and the solution for token migration. A security event occurred on the 18^th of December this year. The project’s team instantly identified the risk and deployed a solution to deal with the event. It declared that all the consumer assets of HOOK and BUSD tokens are unaffected and safe.

Hooked Protocol Declares Organizing Exclusive uHGT Token Contract and Token Migration

The protocol additionally mentioned that the uHGT earnings and in-app experience both are operational. During the period of migration, the fixed exchange is placed at per-token 0.000002 BUSD. The protocol noted in the blog post that to offer clarity to the community it has provided an explained breakdown of the events.

At the start, a server – that was responsible for keeping information related to many hot wallets online linked to uHGT – got compromised via some software. The respective hot wallets’ use is just to mint uHGT tokens as well as support gas charges for in-app interactions of Hooked Pickaxe NFTs. As per the protocol, the addresses were accessed to deliver the remaining balances of up to 243.51BNB to an address on the 18^th of this month.

After that, the protocol added, several uHGT coins were minted while 65.9k BUSD present within the Pancake Swap pool was transacted to the above-mentioned address. The cumulative losses experienced are equal to 125.5k BUSD. However, the Hooked protocol specified that none of their customers got any impact.

uHGT_v2 to Replace Basic uHGT Token Contract

In addition to this, the protocol revealed that the BUSD assets of the clients were securely kept in the offline wallets with no effect. Along with the HOOK token-related infrastructure and operation system’s unaffected working, the protocol assured the normal working of the Wild Cash application. It specified that the customer product experience is also operating smoothly. It brought to the front that a unique token contract entitled uHGT_v2 is to be deployed to exchange the genuine uHGT token contract.