Community Update and Initial Details for Token Swap and Migration Timeline

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Since announcing our token migration to VeChain and a complete overhaul of our tokenomics, we want to update our community members on the progress that has been made. We want to take this opportunity to once again thank our loyal supporters that have been sticking with us through our journey of transformation.

We have been working hard behind the scenes with the help of our partner CREAM, preparing for the launch of our new B2C Cybersecurity Companion Application HackenAI, as well as connecting with the traditional investment community. We are excited to share that the HackenAI project has been getting lots of traction within the investment community. These new funds will be used to continue to develop the HackenAI application as well as further expand our professional security services. We look forward to sharing more details as we move forward.

Token Swap HKN to HAI

As mentioned in our previous announcement, we will migrate from the Ethereum Blockchain to the VeChainThor blockchain. During this process, the current HKN tokens will be converted to HAI tokens minted on the VeChainThor Blockchain as a VIP180 token.

After much deliberation and analysis with internal and external partners, the token swap ratio for our HKN holders is finalised as 1:15 (1 ERC20 HKN token = 15 VIP180 HAI tokens).

The swap ratio was determined based on a combination of several factors summarized below, taking into consideration the best interests of the community.

Based on the HAI Token Privat Sale, with a HAI token price of approximately $0.0175-$0.0199, 1 ERC20 HKN will be swapped into approximately $0.28 worth of HAI. On the other hand, based on HAI Token Public Sale, with a HAI token price of approximately $0.024, 1 HKN will be swapped into approximately $0.35.

At the time of this writing (September 9, 2019), the HKN Token is priced at $0.16 with a market capitalization of $913,312. With the token swap of a total 5.5 million HKN to HAI, the total amount converted from HKN will be 82.5 million HAI tokens. At a value of $0.025 derived from the approximate HAI Token Public Sale price, HKN token holders as a whole will receive a value of $2.062 million which is an estimated 2.25x return with this token swap ratio.

Migration Timeline

The HKN to HAI token swap is planned for early 2020, which will also depend on several moving factors such as the Private Token Sale, Public Token Sale, as well as possible IEO and exchange listings. The old ERC20 HKN token will still be tradable on our listed exchanges until further notice.

The token swap covers only the ERC20 HKN token. As for the EOSHKN token that was airdropped to HKN community members, the team has additional plans for these holders. More details will be announced as they are ready.

To prepare for the token swap as well as learn why we chose the VIP180 token standard on the VeChainThor Blockchain for our new HAI token and HackenAI app, we encourage the community to learn about how the VeChainThor Blockchain differs from Ethereum, including its advanced meta-transactions and fee delegation features.

Please stay tuned on our official Twitter, Medium, and Telegram for more information about the HackenAI app and further instructions for the upcoming token swap. The Hacken team is working hard and we are committed to build more value for the Hacken community and ecosystem.

We are excited to embark on this new journey to take cybersecurity to the next level together with the community.

Hacken Foundation

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