New smart contract and distributed apps platform Krypton has announced that it is abandoning Ethereum-based blockchain after 51% attack.

Stephanie Kent, Krypton’s founder, made the announcement in an online post. She explained that the Krypton blockchain was hacked twice last week by an anonymous group “51 crew”, adding that Shift chain was also attacked.

The hackers employed a “deadly blockchain exploit”, revealed recently by Ethereum, which allowed them to create their own version of the KR chain offline and push that into production as the real KR chain by combining large amounts of hashing power and DDos attacks on KR nodes.

“This exploit exists for all Ethereum-based blockchains coded in golang. Specifically, it most easily targets chains with overall low network hashing rates of 100GH/s or less. Krypton, Shift, Soil, and Expanse are all vulnerable. It might even be possible, by a large mining farm such as the one owned by Chandler Guo, to attack Ethereum Classic in this manner”, Kent added.

She said that Krypton does not have a solution to defend against such an exploit yet. Kent said that currently the only way for Krypton is to “fall back, regroup and survive to fight another day”.

“It is for this reason, Krypton has decided on the following temporary course of action in order to protect KR from being stolen from exchanges through a double spend: Krypton is moving KR from an Ethereum-based proof-of-work blockchain to a Bitcoin-based proof-of-stake blockchain”.

Kent further said that Bittrex and Yobit, where KR trades, have been contacted regarding Krypton’s upcoming coin swap. As Krypton is moving to an entirely different protocol, it must digitally swap KR on the old chain for KR on the new one.

“Bittrex Exchange has agreed to act as administrators of the Krypton swap. Bittrex will be opening KR wallets on their exchange for deposit only. When the exchange period ends (yet to be determined and announced), Bittrex will swap the old KR for the new KR and reopen trading”, she said. “Krypton has not yet heard from Yobit regarding Krypton’s request for a coin swap. When we do, we expect a swap at Yobit to occur in a similar fashion.”