PANews reported on December 19 that according to the official announcement, the Web3 social network Hooked Protocol released an update on yesterday's uHGT token security incident, saying that the team has deployed repair measures, all user assets of BUSD and HOOK tokens are safe and unaffected, and the in-app experience and uHGT earnings are normal. Hooked Protocol will deploy a new uHGT token contract and perform token migration. During the migration period, the fixed exchange rate for each uHGT token is set to 0.000002 BUSD, and the original AMM-style pricing model will be restored in the future.

The specific plan and timeline for the uHGT migration are as follows: 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 mapped 1:1 to the original uHGT balance based on the on-chain snapshot before the security incident. During the short transition period, users can still redeem uHGT for BUSD in the app, but the balance will be updated accordingly. On-chain transactions may be suspended for a few days during the redeployment process and will resume immediately after completion. 3. For uHGT tokens purchased after the security incident, BUSD refunds will be returned directly to the original purchase address within today. A total of 30 affected transactions need to be refunded. 4. Update on uHGT redemption for BUSD: In-app token earnings operate as usual; uHGT redemption for BUSD and BUSD withdrawals will be launched on December 31. During the migration period, users can redeem uHGT for BUSD at a fixed exchange rate on Wild Cash based on the average price in the 24 hours before the security incident, 1 uHGT = 0.000002 BUSD. Once exchanged, the number of uHGT tokens in the user's wallet will be automatically deducted, so the mapped uHGT_v2 balance will also be updated accordingly. The exchanged BUSD tokens will be immediately sent to and securely stored in the user's in-app cold wallet.

In addition, Hooked Protocol stated that it will soon share more news and specific plans for the product to be released in January 2023. Several key product innovations are expected to include Livestream Quiz-to-Earn, NFT simulation education experience with built-in DID infrastructure, and personalized video learning platform.