Hooked Protocol to Deploy New uHGT Token Contract and Make Token Migration

Hooked Protocol posted an article explaining the uHGT security incident and token migration solution.

A security incident took place on December 18th, 2022. The team detected the risk immediately and deployed a fix to resolve the incident right after. All user assets of BUSD and HOOK tokens are safe and unaffected. In-app experience and uHGT earnings are functional. A fixed exchange rate is set to 0.000002 BUSD per uHGT token during the migration period.

Below are Hooked's concrete plans and schedules of uHGT migration:

1. A new token contract (uHGT_v2) will be deployed to replace the original uHGT token contract.
2. The new token uHGT_v2 balance will be 1:1 mapped to the original uHGT balance based on on-chain snapshots right before the security incident. Users will still be able to swap uHGT to BUSD in-app during the transition period shortly, but the balance will be updated correspondingly. 
   On-chain transactions might be shortly paused for a few days during the re-deployment process and will be resumed immediately after completion.
3. For uHGT tokens purchased after the security incident, BUSD refund will be initiated directly back to the original purchase address within today. There are in total 30 affected transactions to be refunded.
4. Updates around uHGT to BUSD swap: In-app token earnings are functional as usual; uHGT to BUSD swap & BUSD withdrawal will be launched by Dec. 31st. During the migration period, users will be able to swap uHGT to BUSD in Wild Cash with a fixed exchange rate based on the average price in the past 24hrs before the security incident, which equals to 0.000002 BUSD per uHGT. 
   The mechanism of the fixed rate conversion is temporary during the transition period and will resume the original AMM style pricing model moving forward.