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

Updated on Oct 7, 2020 at 7:59 pm UTC by · 3 min 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.

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