Blockchain closure implies the cessation of nodes and technical support. In order to preserve their funds, HECO users will have until January 10, 2025 to transfer all HRC-20 standard tokens to the addresses listed on the official HECODAO website.
Crypto assets will be converted into points at the exchange rate on November 10, 2024. Points will be assigned to wallet addresses linked to Heco user accounts. All points received will be converted into HTX tokens, which will be sent to the specified addresses in the TRON network.
The HECO blockchain was launched to compete with other layer 1 networks such as Ethereum and Binance Smart Chain. The solution was intended to facilitate fast and cheap transactions in the decentralized finance (DeFi) sector.
The demise of the blockchain may be due to fierce competition from alternative networks Solana and Avalanche, as well as second-layer solutions for scaling the Ethereum network. Internal strategic changes at HTX could also have contributed to the closure of the blockchain.
Last year, hackers withdrew $110 million worth of crypto assets from the HTX exchange and the HECO network, so the exchange was forced to suspend deposits and withdrawals. In March, Elliptic analysts discovered that the North Korean hacker group Lazarus transferred some of the funds stolen from HTX to the Tornado Cash cryptomixer.
Source: Bits
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