Chia Blockchain Replaces CAT1 Tokens With CAT2 Tokens

Chia Network will replace its Chia (CAT) tokens with a new token to address a security vulnerability that was discovered after an external auditor found potential risks in the token standard. This is stated in the company's blog post. On July 26 at 17:00 UTC, the Chia blockchain will reissue CAT1 standard tokens for CAT2 standard tokens.

Chia discovered the weakness after the Trail of Bits auditor "raised a potential class of vulnerabilities," prompting Chia to investigate further, according to the blog post. Chia has determined that holders' CATs are safe, but there is an area of ​​risk that justifies switching to CAT2.

Chia has asked holders to update their wallet to version 1.5.0 to enable the reissue. The company has set up a website, which can also be accessed through the wallet, to view historical CAT1 balances and compare them to the CAT2 balances in the new wallet. Chia has asked token holders to cancel any offers that may be in progress.

Image: The Coin Republic