Miner Token Suffers Massive Crash Due to Contract Glitch; Team Assures Rectification Measures
Summary:
Following a significant glitch in its smart contract that resulted in a $10 million sell-off on February 14, miner token crashed by over 99%. This snafu allowed users to double their tokens by transferring them to themselves. Currently, each token is valued at $11.41, marking an 87% daily fall. The Miner team is working on the issue and plans to do a complete audit before redeployment. They've also requested that the person who first discovered the error return 30% of the flawed funds, or $120,000. Despite the burgeoning novelty of Ethereum token standards in recent years, caution is raised due to their experiential nature and lack of approval from the Ethereum Foundation.
Miner, a pioneering token created using the trial ERC-X standard, experienced a damaging plunge of over 99% before recouping some losses within a few hours. At the point of reporting, each Miner token stands at $11.41, reflecting a staggering 87% plunge within a single day.
The development team cited a significant $10 million sell-off on Feb. 14, attributing it to an error in its smart contract that facilitated users' ability to duplicate their tokens by merely shifting Miner tokens to themselves. The team assured that the glitch will be rectified and an audit will be performed on the contract before it is deployed again. The reserved liquidity (approximately 130 ETH) is currently equivalent to ASTX LP (Liquidity Provider) and is intended for LP's use during re-deployment.
Yu Xian, the co-founder of SlowMist, a blockchain security company situated in Singapore, expressed his disappointment regarding the glitch, stating that the error in the contract was a low-level loophole enabling the doubling of balance through self-transaction. He added that many standards have been implemented without reference, costing innovation and leading to significant losses.
Miner's creators have formulated ERC-X, a unique Ethereum token standard that amalgamates features from ERC-20, ERC-721, and the recently conceived ERC-404 token standards. Following the glitch, the Miner team has requested that the person who initially detected the smart contract glitch return 30% of the flawed funds, which equates to $120,000.
Despite the increase in Ethereum token standards in recent years, specialists caution about their experimental nature and the absence of an official endorsement from the Ethereum Foundation. ERC-404, one such standard established this year, permits ordinary token owners to share ownership of non-fungible tokens. Pandora, the inaugural token generated using ERC-404, has since exceeded a market capitalization of $200 million.
Published At
2/14/2024 10:35:53 PM
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