BetProtocol Statement Regarding the KuCoin Hack on September 26 2020

BetProtocol Team
September 28, 2020

To the BetProtocol Community:

On September 25th-26th, over $150 million worth of cryptocurrency was stolen from KuCoin exchange by an unknown adversary. Unfortunately this theft included over 1 billion BEPRO tokens with a market value of over $1 million USD.

BetProtocol is initiating a token swap, in which the old token smart contract will be replaced with a new token smart contract. This action will have the effect of rendering the stolen BEPRO tokens as worthless, and allows BEPRO token holders on KuCoin effected by the hack to receive their tokens back. We ask the community to join us and support the new token.

Important note: KuCoin bears all the responsibility and liability for reimbursing its users for their losses due to this hack, including lost BEPRO tokens. KuCoin has publicly warranted as such here and here.

Additionally, BetProtocol will send KuCoin the new BEPRO token 1:1 to the old BEPRO tokens that were stolen, under the following representations and warranties made by KuCoin's CEO:

  1. KuCoin has publicly warranted that they will fully reimburse all its users for loses resulting from the hack, including returning stolen tokens (including BEPRO) to their rightful owners
  2. KuCoin has publicly warranted that their insurance fund is sufficient to cover its users' losses (including BEPRO losses) resulting from the hack

Timeline of Events

On Sep-25-2020 06:54:10 PM UTC the KuCoin hacker stole 684,669,689 BEPRO tokens from KuCoin.

On Sep-25-2020 06:57:44 PM UTC the KuCoin hacker stole 405,896,919 BEPRO tokens from KuCoin.

On Sep-25-2020 09:07:52 PM UTC the KuCoin hacker stole 601,286 BEPRO tokens from KuCoin

(Note the time difference between the 2nd and 3rd transfer)

On September 26 2020, at 11:34:55 AM UTC, the BetProtocol team called the pause function on the BEPRO token smart contract to halt all on-chain transfers of BEPRO tokens in order to prevent the hacker from moving his stolen tokens. In the time period between the theft and calling the pause function, no BEPRO tokens were moved from the hacker's address.

On September 26 2020, at 18:06 PM UTC, all BEPRO trading on KuCoin was halted, and will remain suspended until further notice.

At block height 10938008 BetProtocol took a snapshot of the BEPRO token holders.

On September 28 2020, BetProtocol deployed a new token smart contract and distributed the new BEPRO tokens to the balances reflected at block height 10938008, with the following exceptions:

  1. The BEPRO token balances at the KuCoin hacker's address will be mapped to an address that BetProtocol controls
  2. The tokens on the BEPRO distribution smart contract will be vested immediately and sent to their destination addresses, however those tokens will remain locked in order to follow the tokenomics in force. We are doing this out of time constraints, technological limitations and costs.

The NEW BEPRO token smart contract is: https://etherscan.io/token/0xcf3c8be2e2c42331da80ef210e9b1b307c03d36a

The old BEPRO smart contract will remain paused indefinitely.

The NEW ETH/BEPRO Uniswap Market Pair is:


Important note: BetProtocol has no power to compel exchanges, wallets, and information services to point their services to, or recognise the new contract address. Therefore, it may take several days, and in some cases longer than that, for third parties to decide whether they wish to recognise the new token smart contract address for BEPRO.

KuCoin bears all liability and responsibility in this hack to reimburse their users, as stated in their public announcements and warranties. BetProtocol urges KuCoin to give clear and transparent information on exactly how and when they are going to make their users, listed projects such as BetProtocol, and other stakeholders whole.

Signed: The BetProtocol Team

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