Information to the GAMB Community

KuCoin is one of the largest and most important exchanges in the world. At 02:51 AM (UTC+8) on September 26th, 2020 it was the target of a very aggressive attack. A hacker managed to break into KuCoin’s hot wallets and stole the equivalent of US$150M worth of crypto assets. A large part of this was BTC and ETH, but a few ERC20 tokens were also stolen, GMB being one of them.

Close to 1.25 billion GMB were stolen, which corresponds to ~25% of the circulating supply.

This hack was limited to Kucoin and had no impact on our service or products. Our business is running as usual. We nevertheless immediately gathered a technical team and have spent time covering every angle to make sure we do everything in our power to protect our token holders.

While we know that KuCoin issued a statement taking responsibility and ensuring everyone that they would cover the losses of this hack, we have decided to take extra steps to protect our token holders further.

We are doing a token swap

Here’s a rundown of what’s going to happen:

The next step will be to take a snapshot of all the addresses that hold GMB.

The hacker wallet will be the one exception and excluded from the swap.

New tokens will effectively become GMB, and old tokens will become unusable.

The token swap and the compensation will take place at the KuCoin exchange only.

In the meantime, we will work with KuCoin every step of the way to understand what measures they are taking to ensure everyone that lost GMB on this hack will be compensated.

KuCoin supports the whole process of the token swap.