In March 2019, 18,468,544 of Howdoo’s native token, the uDoo, were sent from Coinbene’s hot wallet address to the Howdoo smart contract. This resulted in all of the said tokens being burnt and taken out of circulation.
This transaction can be seen here: etherscan.io/tx/0x6e45abcdc6666c75f63daad6e35e0ba35c22befbdf0350ecfea5b02ba2a1bcbc
Coinbene immediately ceased trading of the token, and users’ wallets were put under maintenance.
Howdoo is today pleased to announce that we are taking positive steps to resolve this issue and that we will be working with Coinbene to resolve the situation. On Monday 26th August, we will fork our smart contract and provide a 1:1 token swap to all existing holders. This will also enable Howdoo to reissue the burnt tokens to Coinbene, so that their uDoo account holders can restore their balances.
It is important to note that this fork will not increase circulating or total supply, it will simply reinstate the Coinbene burnt tokens. We will be working with Coinbene to validate and replace the tokens and open up users’ wallets for trading and withdrawal as soon as possible.
In order to take advantage of the token swap, we advise that ALL tokens that are currently held on an exchange must to be removed and placed into a private wallet by the 18:00 BST, 25th August 2019.
Cointiger will allow withdrawals up to the 9th September, and IDEX up to 7th October, but we strongly recommend withdrawing uDoo’s earlier and proceeding to follow the swap process (to be confirmed).
Failure to comply will result in the said tokens being lost without any SWAP.
We have made the decision to outsource the swap management process to one of our exchanges, Exmarkets. This will allow the Howdoo team to continue to focus on our app development at this critical time.
We will work with the selected exchange to provide more detail on the swap process over the next week, however it will involve holders creating an account (if they don’t have one already) and transferring their uDoos to their account for swapping.
The swap window will be open for a maximum of 8 weeks and to reconfirm, this will be a 1:1 swap and the Howdoo tokenomics are unaffected.
The current uDoo smart contract will cease to trade on all exchanges on 26th August and the new uDoo smart contract will commence on the 27th.
For those with tokens on Coinbene, we will be working directly with Coinbene in order to conduct the 1 for 1 swap.
We have created a specific telegram group to handle any questions. So please join → Howdoo SWAP Group: https://t.me/udooswap
Important Token Swap Update. As ExMarkets are listing the new uDoo, they have renamed the uDoo to be swapped UDOO_OLD. So they will have two uDoo’s listed until the swap has completed. If you haven’t deposited your udoo’s for the swap yet, please ensure you deposit your tokens into the UDOO_OLD wallet for swap. Once swapped, they will be removed and you will have the new tokens in the UDOO wallet.
SWAP TIMELINE AND ACTIONS:
25th August: Ideally have all of your tokens withdrawn from the exchanges (apart from Exmarkets) into your private wallet (ethereum based wallet like MEW, Metamask or Trustwallet). Basic instructions below if you’ve only used exchanges.
26th August: uDoo’s under the current (from here on referred to as old) smart contract cease trading on exchanges. Howdoo forks, creating a new smart contract and new uDoo token.
27th August: New uDoo opens for trading on Cointiger and Exmarkets, with other exchanges to follow.
27th August: Swap process on Exmarkets opens. Exmarkets will provide detail on the swap process but it will look like this:
a) YOU — If you don’t have one, open an account at https://exmarkets.com/
b) YOU — Deposit your old uDoo’s into the exchange in the UDOO_OLD wallet (not UDOO as that is the new Smart contract).
c) THEY- Exmarkets will audit wallets (no KYC required), send the old uDoo’s to the original smart contract for burning which will in turn initiate the new smart contract to send the same number of new uDoo’s to Exmarkets — who will in turn deposit your new uDoo’s at a ratio of 1:1, into your wallet.
d) YOU — can withdraw or trade your new uDoo’s as you wish.
Please note the swap process will be open for a maximum of 8 weeks. So you must have this completed in advance of the 22nd October 2019.
9th September: Cointiger closes withdrawals of the old uDoo. So this is the latest you can withdraw your tokens to swap them.
7th October: IDEX closes withdrawals of the old uDoo. So this is the latest you can withdraw your tokens to swap them.
22nd October 2019: Token swap closes (it may close sooner if the swap is all resolved, but it won’t stay open for longer than 8 weeks).
26th August to 22nd October for Coinbene holders: Please fill in this form and upload a screen shot of your holding and give us your Coinbene account username so we can validate the claim from Coinbene → https://joinus.howdoo.io/coinbene-token-swap-claim. There is no other action required. Coinbene will audit the holdings and claim the new uDoos from Howdoo, and these will be seamlessly placed in your wallets and then open for trading and withdrawal.
For Airdrop participants
Please do not move your uDoos until the final bonus airdrop which will start on Friday 20th September and conclude before the end of September. Starting your swap before, will mean you’ll miss the final two payments (the last of the 6 and the bonus drop).
For Node holders
Node payments are suspended so you can swap your old uDoos. Please swap and put the new uDoos back into your node wallet and payments will start again. We’ll make up the paused payments with one catch up payment.
AMA with the Howdoo CEO:
To answer any questions, Howdoo hosted an AMA Monday 19th – 2pm UK time with our CEO, David Brierley. Here is the recording, with the full transcript below.
Howdoo Token Swap AMA Questions
Q1. Why are Howdoo doing this now and not when you swap to the mainnet?
A1. There are two factors that led to this decision. 1) We have valuable holders stuck in limbo with tokens their purchased that they cannot trade, withdraw or use in Howdoo, it’s been 5 months now, and 2) we’ve been talking to larger exchanges and having tokens in maintenance, whatever the back story, has raised concerns. So we have been advised to resolve it, so we can move forward with more and larger exchange listings.
Q2. Is there other reasons for the swap other than Coinbene tokens?
A2. The reason is to resolve to 18.4m burnt tokens and get Coinbene off maintenance.
Q3. Will this mean that 18 million more tokens will be in circulation? Won’t this devalue the token?
A3. No, there were 888,888,888 total uDoo’s minted. But in the coinbene incident, 18.4m were effectively burnt by them being sent to the smart contract. So this is resetting the total supply to the original amount.
Q4. How are Howdoo ensuring that as many holders of uDoo’s are informed and given time to act?
A4. The swap window will be open for up to a maximum of 8 weeks. We will communicate weekly through all our channels (email, telegram, social, blockfolio etc) and the exchanges will notify those with uDoo’s in their wallets. We’ll also promote through coinmarketcal etc.
Q5. Would it not be better to postpone this action until the airdrop has finished?
A5. Part of the reason for keeping the swap window open 8 weeks is to allow people time to find out and also to allow people in the airdrop to conclude drops then swap. So those in the airdrop should wait for the final bonus drop and then proceed to swap. We do not want to delay taking this action.
Q6. Will the final airdrops be brought forward prior to the swap or delayed due the possible 8 week completion timeframe of the token swap?
A6. We have one more scheduled airdrop, then the final bonus payout. The scheduled airdrops will start Friday, 6th September, and we will bring the bonus airdrop (the final payout of any unclaimed tokens) 2 weeks sooner to Friday 20th. So the Airdrop payments will all be completed in September.
Q7. What should token holders do with tokens on exchanges?
A7. You need to move them to an Ethereum wallet where you control the keys before 18:00 BST 25th August, 2019. Many of the team use MEW + Metamask, but there are many other options available. We’ll create a guide on how to do this over the next few days for those that have only ever dealt with exchanges.
Q8. If we have tokens on Coinbene, do we just let them sit as those will be swapped automatically?
A8. At the moment you cannot withdraw your uDoo’s from Coinbene. So you have to do nothing with your tokens. However, we will work with Coinbene to validate the wallet holders and amounts, and we will run a validation process that will require you to input your UDOO holding, a screen shot of your wallet and email account you registered your Coinbene account with (for identification). We will then confirm with Coinbene, and your tokens will be replaced in your ‘funds’ the background, and from the close of the swap process the new uDoo will be available for trading and withdrawal on Coinbene.
Q9. Do Coinbene know how many tokens each holder on Coinbene should receive?
Q10. Will the Coinbene tokens be replaced after the token swap?
A10. Yes and open for trading and withdrawal.
Q11. Will uDoos purchased from current exchanges after the 26th be worthless?
A11. Exchanges will cease trading the current uDoo smart contract on the 26th — but till this date you can buy and trade uDoo’s as normal, just withdraw to your wallet for the swap. Then they will open trading of the new uDoo on (specifically on Cointiger but possibly more) on the 27th. So any uDoo’s bought from that point will be the NEW tokens and fully tradable immediately and wont need to be swapped.
Q12. Will there be any restrictions on trading during the 8 week window?
A12. No, however in the immediate term from the 27th, only Cointiger (unless we announce more) will be trading the new uDoo. We’ll confirm other exchanges (ie IDEX, Halodex, Exmarkets) when they have put the new smart contract in place and trading is open.
Q13. Is there a specific reason the smart contract address cant be changed like Howdoo did before while Udoos were held in secure wallets?
A13. Yes — we are now a live traded token. So the conditions are very different.
Q14. My tokens are on MEW/Metamask. Why do we have to send them to an exchange?
A14. Because we are partnering with an exchange to handle the swap. So you must follow the swap process to get the new uDoo’s.
Q15. Why have Howdoo chosen ExMarkets? They are a small and new exchange.
A15. We want to keep our highest volume exchange, Cointiger, facilitating trading, and a separate exchange to handle the swap. Directors of Howdoo have met Directors of ExMarkets and we are confident in our selection.
Q16. What are Howdoo and ExMarkets doing to prevent hackers out there targeting ExMarkets during this 8 week period when 888,888,888 uDoos will be transferred there?
A16. They will be stored in cold storage as soon as deposited PLUS those ‘old’ uDoo’s will not be tradable on any exchange. However, once you receive your new tokens, we suggest you withdraw your uDoo’s to a wallet you control, unless you want to continue trading on ExMarkets.
Q17 Will the exchange waive kyc and withdrawal fees etc?
A17. No KYC won’t be needed for the swap, and withdrawal. We are confirming if any withdrawal fee’s apply.
Q18. How will this work for node holders with regards payouts if the swap could take up to 8 weeks to complete?
A18. Node holders will be required to SWAP, but we will honour all node payments on the understanding that the required tokens to maintain the node are placed back in the SAME wallet after the swap. So once you’ve swapped, we will then validate the new tokens in your wallet, and payout any node payments required. This may be one or two payments, depending on how long the swap process takes (up to the max 8 weeks).
Q19. Will Howdoo need to relist the coin again with cointiger and other exchanges in order to trade?
A19. Yes, technically it’s a relisting as it’s a new Smart contract but this has been negotiated.
Q20. Are Coinbene paying anything towards this action? They should be willing to pay admin costs at least.
A20. They are assisting us in this process.
Q21. All users holding long time and kept their uDoo safe on MEW not coinbene like others, who will cover their transfer costs? We are being asked to help with the token swap but we’re paying for it, so should there be a small type of reimbursement?
A21. We hadn’t imagined paying peoples gas for the swap, as we felt the community would support this action. However, if this is an issue, please raise in the swap telegram group and we can discuss further.
Q22. Even though there are small amounts on the Howdoo app, will those be automatically swapped to the new udoos?
A22. Tokens in the app will need to be swapped to the new token. So before the swap window closes you will need to either withdraw your app uDoo’s to your wallet and process with your other tokens or you could send directly to your Exmarkets account from the Howdoo app. We will confirm the uDoo swap over date in the app in due course.
Please submit any. questions you wish to be covered in the AMA in the telegram group.
More details will be communicated in our telegram announcements channel, so please make sure you follow us there.
For those that don’t yet have an Ethereum wallet. Here is a short tutorial.
Please note there are more ways to do this. Like using Metamask and there are many tutorials available. But here is one way using MEW.
How to Create a My Ether Wallet (MEW)
For those of you with uDoos on exchanges or in the Howdoo Wallet, this is a step by step guide to creating and using a My Ether Wallet.
Firstly, go to My Ether Wallet at https://www.myetherwallet.com
MyEtherWallet offers three ways to create a new ETH wallet and the smartphone app, MEWconnect, is highly recommended by MEW. To learn more about creating your wallet with MEWconnect, click here.
There are two other methods of creating a MEW and these are by Keystore/JSON file and a Mnemonic Phrase.
While these are not recommended by MEW, they do work and you are advised to learn to do it safely. MEW suggest that you access MEW offline when using these options.
Step 1. Click ‘Create a New Wallet’.
Step 2. Choose the ‘By JSON File’ option.
Step 3. Enter a strong password, and write it down on paper.
Step 4. Download your JSON File, preferably to a USB device.
Step 5. Now you’re done, and ready to access your wallet!
Step 1. Click ‘Create a New Wallet’.
Step 2. Choose the ‘By Mnemonic Phrase’ option.
Step 3. Enter a strong password, and write it down on paper.
Step 4. Choose a 12 or 24 word phrase, and WRITE IT DOWN!
Step 5. Now pass a quick test, and you’re done! You’re ready to access your wallet.
For the swap, create an account at https://exmarkets.com , click on the DEPOSIT NOW button navigate to UDOO in the list and click on ‘deposit’. This will generate an address for you to send you UDOO’s too.
For support please join our swap telegram channel — https://t.me/udooswap