On April 20, 2021, the Kyber Network development team announced that they would be upgrading their token’s smart contract. This upgrade will result in two versions of the Kyber Network Crystal (KNC): a legacy KNC token and a new KNC token. On October 15, 2021, Gemini will be upgrading our wallet and exchange services to support the new KNC token, and will discontinue support for legacy KNC tokens.
What action is Gemini taking?
If you leave a balance of legacy KNC in your Gemini Exchange account or in Gemini Earn, we will automatically upgrade your tokens for you on October 15, 2021. If you do not wish to have your legacy KNC tokens upgraded to new KNC tokens, you may withdraw your legacy KNC tokens at any time before October 15, 2021. If you do so, please make sure that your external wallet provider supports legacy KNC tokens.
What if I take no action before Gemini updates support for the new KNC?
If you take no action, any legacy KNC balance that you hold with Gemini will be automatically upgraded to new KNC on October 15, 2021. Any KNC tokens withdrawn after the upgrade date will be new KNC.
If I would like to keep the old version of KNC (legacy), what do I need to do?
If you would like to keep your legacy KNC tokens, rather than upgrade them, you will need to withdraw your tokens before October 15, 2021 when Gemini makes the upgrade.
After Gemini Upgrades
Once Gemini upgrades to support the new smart contract for KNC, deposits of either legacy KNC or new KNC tokens will show as a credit for KNC in your account. However, once the KNC is in your account it will be treated as new KNC. Gemini will only support withdrawals of new KNC after the upgrade on October 15, 2021.
What if I deposit new KNC tokens before October 15, 2021?
If you deposit new KNC tokens before Gemini upgrades to support them then they will be treated as an unsupported token deposit. If you wish to request recovery of an unsupported token deposit, please fill out a support ticket here: https://support.gemini.com/hc/en-us/requests/new