KNC token upgrade

On August 1, 2022, Coinbase upgraded KNC (Kyber Network Crystal) tokens for our customers. The old KNC Legacy (KNCL) is no longer accepted and any KNCL deposited to Coinbase after this date will be permanently lost.

What happened with the Kyber Network on August 1st, 2022?

Coinbase performed a required upgrade for KNC tokens on August 1, 2022.

Before the upgrade, we only supported KNC with the contract address 0xdd974d5c2e2928dea5f71b9825b8b646686bd200.

The KNC contract address we now support is 0xdefa4e8a7bcba345f687a2f1456f5edd9ce97202.

What do I need to know about the KNC token upgrade?

In April 2021, the Kyber team proposed a KNC token upgrade and migration to make KNC much more dynamic and flexible with the ability to support more efficient upgrades. 

Customers had the option to move their existing KNC tokens out of Coinbase any time before the conversion date and convert them on their on through the Kyber website.

When sending/receiving KNC tokens, please check what version of KNC tokens you currently hold. Exchanges and wallets might have or have not updated to the new token contract, and your funds might be lost if you send an unsupported version of KNC. The Ethereum contract address for the old KNCL token is: 0xdd974d5c2e2928dea5f71b9825b8b646686bd200.

After the upgrade, only deposit KNC with the contract address  0xdeFA4e8a7bcBA345F687a2f1456F5Edd9CE97202.

What happens if I deposit the new KNC token into my Coinbase account before the upgrade? 

If you transferred the new KNC token to Coinbase before the upgrade then the token would remain in Coinbase’s custody but would not have been accessible or available for withdrawal until we began to support the KNC smart contract after the upgrade. 

What happens if I deposit the old KNC smart contract after it’s been deprecated on Coinbase after August 1st, 2022? 

These deposits would not be supported and would be treated as unsupported digital currency. Depositing unsupported assets in your Coinbase account will cause you to lose them. 

Sending and Receiving KNC tokens

After the upgrade date, sending and receiving the new KNC tokens will be enabled on Coinbase. Please only use with the new contract address  0xdeFA4e8a7bcBA345F687a2f1456F5Edd9CE97202.

Will Coinbase support the new KNC token on Pro & Exchange trading books?

After the upgrade is complete, we will only support new KNC token across send/receive/trading. 

What does this mean for KNC in my standalone Coinbase Wallet?

If you had KNC in your Coinbase Wallet, they were migrated to the latest version with no impact to your funds. No action was required from you during the migration.


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