ACS Token Migration following the Multichain.org Incident of July 2023

The Multichain.org bridge stopped working on 7 July 2023 following abnormal movements of locked assets. ~170K of bridged ACS is stuck and under the control of unknown entities. An announcement was made to ask users to remove ACS paired liquidity as a migration plan was being worked on.

We propose the following mitigation measures:

Removal of the ACS Vault 10% withdrawal fee to facilitate migration.

Migration to a new ACS token deployed at 0x8888888888f004100C0353d657BE6300587A6CcD (initially on BSC, Kava EVM and Arbitrum)

The new token was designed with certain features to mitigate bridging risks:

• Bridging is achieved by passing cross chain messages. This is using Layer Zero initially, and can be upgraded to use any combination of protocols.
• New token contracts have admin functions including the ability to pause and blacklist in the event of bridge / messaging protocol exploit. This is initially controlled by ACryptoS dev team.
• Bridged balances are reconciled on the canonical chain (BSC). Bridging can only be done to/from the canonical chain, and will fail if they cannot be reconciled (i.e. balance being bridged in is more than has been bridged out).

The migration feature will allow users to migrate 1:1 the old/Multichain.org ACS tokens. Migration will be paused if the contract detects abnormal changes in the locked Multichain.org ACS tokens.