NEW YORK, July 2, 2018 /PRNewswire/ -- Shopin, the first universal shopper profile that delivers the most personal shopping experience on retailer websites, apps, and stores using blockchain and Artificial Intelligence, today announced plans for a Token Swap as a corrective counter measure against a Japanese syndicate wallet hack that involved a substantial loss of tokens from its Token Generation Event (TGE).
The Token Swap, slated for July 9, is Shopin's solution to disempowering the hacker from profiting from any additional illegal activities and causing further harm to Shopin's utility token. Shopin will recall its "$SHOP" Utility Token and introduce the new "$SHOPIN" Token in a one-for-one swap with TGE participants to avoid any further security risks. As a result, all Japanese syndicate members who were adversely affected by the wallet hack will be able to recoup their losses.
"This Token Swap is our sincerest effort to set the record straight for our Japanese syndicate members, our loyal partners in the region, and our community at large, who at no fault of their own were victims of the syndicate lead's obvious failure to follow our repeated instructions to protect and secure the tokens we delivered to them," said Eran Eyal, CEO and Founder, Shopin. "Instead of letting this hack slow us down, we rise to every challenge with a balanced and carefully researched solution, and this Token Swap is testament to the commitment and empathy of the Shopin Team, our board advisors, legal counsel, and the global community that supports us. We are committed to doing what each and every one of us knows in our hearts is the civically upstanding thing to do, especially when it's the tougher path. Our company was built on these qualities and remains true to its roots."
Shopin announced details of the Token Swap for TGE participants and post-TGE participants in this Medium post and has reached out to its community members through all official channels with instructions on how the one-to-one Swap will occur and how to get involved.
New Shopin Tokens will be locked from the beginning of the Token Swap to make absolutely sure there are no errant tokens floating around cyberspace that are not officially endorsed by Shopin and could possibly be under the control of the hacker. The $SHOPIN Token lock for participants will expire on Sunday, July 29.
"With the amazing help from crypto forensics, the exchanges, and our legal team all over the world, we are now moving forward with important learnings from this unfortunate event so we can take all measures to prevent the hacker from undermining our company and devaluing our retail utility token," said Doron Wesly, CMO, Shopin. "We are happy to present this Token Swap as a solution to the upsetting experience our Japanese syndicate partners endured, and to combat and thwart bad actors in our space. There is no handbook on how to deal with a hack, especially one with the potential to threaten our entire project. Instead of being able to enjoy the fruits of our successfully concluded TGE, we were forced to very quickly understand the complexities of a wallet hack and how to ensure that it never happens again. We are confident that this Swap is the right solution for Shopin and the future of the TGE process across our industry. It's the human thing to do for our Japanese participants, and it ensures our ability to focus on our mission to democratize the shopping experience, including Japan."
An investigation into the syndicate wallet hack is ongoing. For Shopin's official statement, please click here. To learn more about Shopin's TGE and upcoming news and press coverage, please visit our website Shopin.com and our Telegram Channel.
Shopin is a universal shopper profile that delivers the most personal shopping experience on retailers' websites, apps, and stores based on shopper preferences and purchase history data. Shoppers are in full control of their data for the first time with a cryptocurrency to reward them when their attention is engaged with ads, content, and loyalty. Shopin empowers retailers to offer better product recommendations, easier and more secure transactions, and more valuable customer rewards using blockchain and Artificial Intelligence technology. Voted "Best ICO" at the North American Bitcoin Conference 2018, "Best ICO and Startup" by CoinAgenda Global, the #5 "Top ICO" at Davos d10e, and "The Most Promising ICO of 2018" by Bitcoinference, Shopin's vision is to create a more sustainable retail economy where retailers become stronger by working together with their consumers. Headquartered in Brooklyn, New York, Shopin is backed by Galaxy Investment Partners, Nima Capital, Passport, Block One Capital, Outbound Ventures, and angel investors from Google, ZocDoc, the founders of DocuSign, Wiser, and others. Shopin is revolutionizing the world of retail. Learn more about Shopin and our Token Generation Event at www.shopin.com.