Hooked Protocol: The new uHGT contract will be deployed and Token migration will take place

BlockBeats news, December 19, Web3 social network Hooked Protocol published uHGT security event clarification and Token migration solution related articles. A uHGT Token security incident occurred on 18 December and the team immediately identified the risk and deployed a fix to resolve the incident. All user assets of BUSD and HOOK Token are secure and unaffected. In-app experience and uHGT revenue are normal. During the migration, the fixed exchange rate for each uHGT is set to 0.000002 BUSD. Hooked Protocol says it will use a fixed exchange rate temporarily during the transition period and will revert to its original AMM-style pricing model in the future. Hooked Protocol will soon share more news and specific plans for the January 2023 launch. Several key product innovations expected include Livestream Quiz-to-Earn, an NFT simulation educational experience with built-in DID infrastructure, and a personalized video learning platform. The specific plan and schedule of uHGT migration are as follows: 1. A new Token contract (uHGT_v2) will be deployed to replace the original uHGTToken contract. 2. The balance of the new Token uHGT_v2 is mapped 1:1 to the original uHGT balance based on the on-chain snapshot taken before the security event. During a short transition period, users can still convert uHGT to BUSD within the app, but the balance will be updated accordingly. On-chain transactions may be suspended for a few days during the redeployment process and resume immediately after completion. 3. For uHGT purchased after the security incident, BUSD refund will be directly returned to the original purchase address within this day. A total of 30 affected transactions need to be refunded. 4. Update information about uHGT exchange BUSD: in-app Token revenue will operate as usual; uHGT conversion of BUSD and BUSD withdrawal will be launched on December 31. During the migration period, users can exchange uHGT for BUSD at Wild Cash at a fixed exchange rate based on the average price in the 24 hours prior to the security incident, with 1 uHGT=0.000002 BUSD. Once redeemed, the number of uHGT tokens in the user's wallet is automatically deducted, so the mapped uHGT_v2 balance is updated accordingly. The redeemed BUSD is immediately sent to and securely stored in the user's app cold wallet.