MXC has now issued the solution for the COVER incident and swap the deployment of the COVER token new contract. MXC will launch COVER/USDT trading market at 20:00 on January 7 (UTC+8). The specific details are as follows:
Launch of New Cover token
1. Deposit and withdrawal: opened
2. COVER/USDT: 20:00, January 7 (UTC+8)
Note: The COVER asset launched at 20:00 on January 7 (UTC+8) is the new contract token, and the old COVER has been named COVEROLD.
Solution for COVER issue
Review: Since COVER was hacked on December 28, 2020, a large number of additional tokens were issued in the COVER contract. Some users arbitraged and deposited more than the total amount of COVER tokens on MXC, causing the currency price to drop rapidly. During this period, MXC team has been in communication with the COVER team all the time. Due to the huge gap, the solution given by the COVER team is to exchange new tokens at a ratio of 1:1 at the specified snapshot time. In addition to the official COVER redemption plan, MXC will use the "User Protection Fund" to subsidize users at snapshot time. The details are as follows:
According to the official news of COVER, COVER team planed to take a snapshot to record user’s COVER position at the ETH block height of 11541218 (16:11:16 UTC+8 on December 28, 2020) and distribute new COVER token to holders based on the at a ratio of 1:1. MXC compares the project's official snapshot time with the time when MXC suspended COVER trading (12:00 on December 31, 2020 Singapore time):
1. Users who have not made a trading: If the user's position at the COVER team's official snapshot time is the same as the position when the MXC suspended COVER trading, the COVER will be exchanged at a ratio of 1:1;
2. Users who bought after the snapshot: The holding part at the COVER team’s snapshot time will be exchanged for COVER new token at a ratio of 1:1; For the net purchase, MXC will airdrop USDT to the user based on the actual purchase cost. The required cost will be borne by the MXC Matcha "User Protection Fund".
3. Users who sold after the snapshot: users will receive COVER new tokens at a ratio of 1:1 according to the positions held by them when MXC suspended COVER
4. Users who deposited before the suspension of the trading: The tokens deposited after the project party’s snapshot time but before MXC’s suspension of COVER trading can be transferred out by users themselves.
Details of COVER contract address swap:
1. New COVER tokens will automatically inherit the COVER code, and the old COVER tokens will be named COVEROLD;
2. MXC has now completed the deployment swap of the new COVER token contract. The contract address is as follows:
3. The COVEROLD withdrawal service are opened.
MXC has always adhered to the principle of user first. The user welfare department has been established before. MXC will do its best to deal with this incident. If you have any questions about the solution, please contact our official online customer service. Thank you for your support and understanding!