Bancor (BNT), $153M ICO from 2017, Unveils Vulnerability and Asks Users to Revoke Transaction Approvals

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Thu, 06/18/2020 - 14:30
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Vladislav Sopov
Bancor, one of the few ICO-funded projects that managed to built a useful product, has had a hard day. After a critical bug, users were asked to revoke approvals
Bancor (BNT), $153M ICO from 2017, Unveils Vulnerability and Asks Users to Revoke Transaction Approvals
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Decentralized on-chain liquidity protocol Bancor, one of the oldest and most successful DeFi products, published an official report on a codebase bug.

Private function was made public

According to a statement from the Bancor team, the vulnerability appeared in the BancorNetwork v0.6 contracts that were deployed two days ago, on June 16, 2020.

One function of the contract, ‘safeTransferFrom’, which should have been restricted to the contract alone, was made public. As a result, this breach allowed anyone to transfer tokens approved only for certain contracts to transfer.

Bancor unveils bug
Image via Twitter

The team unveiled that, in order to explore the possible influence of this bug, a white-hat hack was organized. But unfortunately, two more arbitrage bots, that detected this vulnerability managed to front-run legitimate transactions with profits of $135,229.

The Bancor team has already contacted the operators of these bots and is negotiating the process of refunds in exchange for bug bounty.

Users should revoke the transaction approvals

As per the emergency statement, all Bancor users who transacted within the past 48 hours should revoke their approvals on three Bancor contracts affected by the disclosed problem. They can do so through the Bancor network itself or with the Metamask wallet.

Also, the emergency operations can be carried out manually via specially designed websites. The Bancor team released detailed instructions on how to mitigate the effects of the breach.

It is emphasized by the project that trading is now back to normal. Also, this incident won’t in any way affect the upcoming release of the Bancor V2 upgrade.

At press time, the native asset of the protocol, Bancor Network Token (BNT) is changing hands at $0.77 on major spot platforms, 8.34% down in 24 hours.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250

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Fri, 01/15/2021 - 18:02
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Vladislav Sopov
Ethereum 2.0 enthusiasts deposited whopping sum in its contract launched six weeks ago
2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250
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While crypto markets are trying to get out of the most painful correction in this bullish cycle, the Ethereum 2.0 deposit contract accomplishes another crucial milestone.

ETH2 deposit contract surpasses $3,000,000,000 level

According to leading Ethereum network observer Etherscan, the Ethereum 2.0 deposit contract (0x00000000219ab540356cBB839Cbe05303d7705Fa) allocated more than 2.5 million Ethers. New 32-ETH stakes are transferred to it every minute.

ETH2 deposit contract breaks above $3B
Image by Etherscan

As the correction of the Ethereum (ETH) price ended, ETH is changing hands at $1,225: the $1,250 level was too difficult for bulls to conquer. Meanwhile, even at press time, it is worth almost $40,000 to join the club of Ethereum 2.0 stakers.

Therefore, the USD-denominated value of assets locked in the contract surpassed $3 billion for the first time ever and keeps surging.

It should be noted that Ethereum 2.0’s deposit contract went live on Dec. 1, 2020, heralding the start of ETH2 Pase Zero or Beacon Chain, the inaugural stage of Ethereum 2.0.

Ethereum 2.0 “entry tickets” become really expensive

At press time, more than 52,267 addresses transferred money to the deposit contract.

Ironically, Black Thursday in Crypto (March 13, 2020) was the most convenient time to join Ethereum 2.0 staking with Ether at $95. Today, Ethereum (ETH) enthusiasts should pay 13 times more to have a minimum amount of Ethers required for staking.

Ethereum 2.0 is a proof of stake (PoS) iteration of the Ethereum (ETH) protocol. It replaces mining by staking and splits the whole Ethereum (ETH) network into several interconnected sub-chains (shards).

According to Staking Rewards analytical dashboard, annualized rewards for ETH staking are estimated between 10.4 and 10.6 percent.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)