HUNT Token Update: Internal Token Transfer Between Cold Wallets & Permanently Disabling Minting
In order to enhance the security level of the Business Development (BD) fund of HUNT tokens, we’ve decided to proceed with the following actions during Feb 19 - 20, 2024:
Move the BD fund to a more secure hardware cold wallet with an improved key management system.
Renounce minting ownership permanently.
1. Enhancing Security Level of BD Fund
The HUNT team has managed the BD fund in one wallet at 0x44c792e1d3C7A0bc78A362cb65462b13142b9E30 to allow all token holders to easily and transparently see the usage of tokens. Although these tokens were unlocked since March 1st, 2021, and became part of the circulating supply, we have always pre-announced the fund usage plan via our community channels before execution. This approach allows anyone to monitor the use of BD funds in the simplest way (also, there has been no token transferred from the wallet for over 737 days so far).
To enhance the security level of the BD fund, we have decided to move the remaining 70M HUNT tokens from the current wallet to the following new wallet address:
0x842aDFAef2DE55Bb77bAeb54e57ba08862567E72
This wallet is a highly secure hardware cold wallet with an enhanced key management system. The token transfer will be performed on Monday (Feb 19) or Tuesday (Feb 20).
2. Removing Minting Permission of HUNT Token
Since the Hunt token was first issued in 2019, it has evolved through multiple business model expansions, enhancing its token utility. Notably, through a token burn model, over 60% of the initial issuance of 500 million tokens has been burned, reducing the total to 198,912,688, with no additional tokens minted.
To completely eliminate the possibility of future token issuance, it has been decided to permanently remove the owner's minting rights. Based on the HUNT token utility, there will be no necessity to mint new HUNT tokens in the future. Therefore, we’ve decided to permanently remove the possibility of new HUNT token minting by renouncing the minting ownership.
This removal of minting rights will be conducted simultaneously with the token transfer work.