TechFlow news — Web3 social network Hooked Protocol has published an article clarifying the uHGT security incident and outlining a token migration solution. On December 18, a security incident involving the uHGT token occurred. The team promptly identified the risk and deployed remediation measures to resolve the issue. All user assets of BUSD and HOOK remain secure and unaffected. In-app experiences and uHGT yields continue to operate normally. During the migration period, the fixed exchange rate for each uHGT token will be set at 0.000002 BUSD.
The specific plan and timeline for the uHGT migration are as follows:
1. A new token contract (uHGT_v2) will be deployed to replace the original uHGT token contract.
2. Balances of the new uHGT_v2 token will be mapped 1:1 from the original uHGT balances based on an on-chain snapshot taken prior to the security incident. During a brief transition period, users can still exchange uHGT for BUSD within the app, with corresponding balance updates. On-chain transactions may be temporarily paused for several days during redeployment and will resume immediately afterward.
3. For uHGT tokens purchased after the security incident, BUSD refunds will be sent directly back to the original purchase addresses today. A total of 30 affected transactions require refunds.
4. Updated information regarding uHGT-to-BUSD conversion: In-app token earnings will continue as usual; uHGT-to-BUSD conversion and BUSD withdrawals will go live on December 31. During the migration period, users can convert uHGT to BUSD at Wild Cash using a fixed rate based on the average price from 24 hours before the incident—1 uHGT = 0.000002 BUSD. Upon conversion, the number of uHGT tokens in the user's wallet will be automatically deducted, and the corresponding uHGT_v2 balance will be updated accordingly. Converted BUSD tokens will be immediately sent and securely stored in the user’s in-app cold wallet.
Hooked Protocol stated that the fixed-rate exchange mechanism is only a temporary measure during the transition period and that the original AMM-style pricing model will be restored in the future. Hooked Protocol will soon share more details and specific plans for its January 2023 product launch. Key upcoming product innovations include Livestream Quiz-to-Earn, NFT-based simulation education experiences with built-in DID infrastructure, and a personalized video learning platform.Original link
