PARSIQ Team Helps Crypto Hack Victims Recover Stolen Coins through Coordinated Developments

Updated on Oct 7, 2020 at 7:59 pm UTC by · 3 mins read

PARSIQ team used their innovative technology to do a “snapshot” of the state of their token holders before the KuCoin hack.

As the cryptocurrency industry grows immensely to global scale, the risk factors associated with black hat hackers is glaring at unsuspecting investors on a daily basis. However, thanks to an ingenious technique developed by PARSIQ, the blockchain industry can now guarantee investors full recovery of their crypto balances in case of mass theft by hackers.

In the past two weeks, black hat hackers have managed to compromise different crypto projects through exchanges including KuCoin and CoinMetro and made away with millions of users’ coins.

As for KuCoin hack, the exchange reported that a major security breach on September 26, affected Bitcoin, Ether, and ERC20 hot wallets.

Notably, approximately $150 million worth of user’s coins were stolen. On the other hand, on October 6th, 2020 at approximately 5:30 a.m. Coinmetro team was alerted to suspicious activity on some of the exchange’s hot wallets via alerts and triggers in place with PARSIQ technology. Coinmetro was able to isolate the root cause and lock down the system. The exchange’s cold wallets and key storage were not affected. The damage was minimalized in large part to the quick actions of both CoinMetro and PARSIQ.

With around 153 different ERC20 tokens compromised, PARSIQ is partnering with the respective crypto projects to help the hack victims recover their balances.

PARSIQ Helps Recover Stolen Crypto

Among the first projects to start the recovery process is the CarVertical project where approximately 1.7 billion cV tokens were stolen.

“With the help of our friends and partners at Parsiq, our blockchain team has taken a snapshot of all wallets token balances on the block 10950830. cV ERC20 tokens will be reissued 1:1 via a new smart contract, and automatically distributed to the holders of the previous token. This will cause the previous contract address, and tokens, obsolete. Correspondingly, all stolen cV tokens will become worthless and won’t have any impact on the secondary market,” carVertical indicated in a Medium blog.

Another project that has already initiated the recovery process is the NOIA network after 81 million NOIA tokens were reportedly stolen.

“With the help of our friends and partners at Parsiq, our blockchain team has taken a snapshot of all wallets token balances on the block 10946420. NOIA ERC20 tokens will be reissued 1:1 via a new smart contract, and automatically distributed to the holders of the previous token. This will cause the previous contract address, and tokens, obsolete. Correspondingly, all stolen NOIA tokens will become worthless and won’t have any impact on the secondary market,” NOIA indicates through a Medium post.

PARSIQ team used their innovative technology to do a “snapshot” of the state of their token holders before the KuCoin hack. A snapshot contains all the addresses holding any balances with the exact amounts before the hack.

Hereby, a hard fork will allow the affected users’ account balances to be restored as before the hack and render the stolen coins worthless.

Share:

Related Articles

Layer 2s Now Handle 85% of All Transactions, Dune Report Says

By July 14th, 2025

According to a new report from Dune Analytics, over 85% of transactions now occur on Layer 2s, though Ethereum’s mainnet continues to settle the vast majority of all value transferred.

Bitcoin Cash Price Prediction: Is BCH Quietly Gearing Up to Overtake Bitcoin in 2025?

By July 14th, 2025

While Bitcoin continues to dominate headlines with its rally to a new all-time high of $123,000, Bitcoin Cash (BCH) is showing signs of a significant move of its own.

With Bitcoin at $123K, Satoshi Becomes 11th Richest – Is This Layer-2 the Key to the Next BTC Fortune?

By July 14th, 2025

Bitcoin (BTC) has finally done it. After hovering just below its all-time high for weeks, it’s now shattered $123,000, setting a new record and making the legendary creator, Satoshi Nakamoto, the 11th richest person in the world.

Exit mobile version