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

News
Thu, 06/18/2020 - 14:30
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
Cover image via stock.adobe.com
Contents

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.

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.)

Ethereum (ETH) Market Cap May Become Equal to Bitcoin's (BTC): ConsenSys Director

News
Mon, 07/13/2020 - 14:38
Vladislav Sopov
John Lilic, managing director at ConsenSys decentralized development studio, has shared an over-bullish prediction for Ethereum (ETH) progress
Ethereum (ETH) Market Cap May Become Equal to Bitcoin's (BTC): ConsenSys Director
Cover image via stock.adobe.com
Contents

John Lilic leads international business development in the ConsenSys leading blockchain development studio. He is also an expert in energy markets and cryptocurrency segments. He tracked the progress of Bitcoin's (BTC) and Ethereum's (ETH) market capitalization statistics, coming up with an extravagant prediction.

Bitcoin (BTC) should get ready for parity

Mr. Lilic outlined that Ethereum (ETH) is showcasing much healthier dynamics than its competitor is. For instance, the flagship cryptocurrency still surpasses Ethereum (ETH) by 6.3x in terms of market capitalization, while simultaneously collecting 20% fewer fees than Ethereum (ETH).

John Lilic of ConSensys foresees parity of Bitcoin (BTC) and Ethereum (ETH) market capitalizations
Image via Twitter

Also, Ethereum (ETH) is demonstrating much more impressive price dynamics this year. It gained almost 37% against Bitcoin (BTC) in 2020. That said, Ethereum (ETH) looks severely undervalued to the top manager of ConsenSys.

However, Ether is on the path to eliminating this discrepancy. Eventually, the top two cryptocurrencies may reach market capitalization parity, concludes Mr. Lilic.

Related Bitcoin (BTC) and Ethereum Have (ETH) Recovered From Black Thursday, Who Else? Coinmetrics Explains
Related
Bitcoin (BTC) and Ethereum Have (ETH) Recovered From Black Thursday, Who Else? Coinmetrics Explains

As covered by U.Today Crypto News recently, Coinmetrics on-chain research team called Bitcoin (BTC) and Ethereum (ETH) the unique crypto behemoths that have managed to recover from Black Thursday.

Bitcoin (BTC) is losing supremacy in "fee race"

Should Ethereum (ETH) overcome its undervaluation, its price may be over $1,550 based on liquid supply and current Bitcoin (BTC) market capitalization.

Recently, it was unveiled that Ethereum (ETH) blockchain continues to surpass Bitcoin (BTC) in terms of network fees for more than 30 days in a row. Ethereum (ETH) is seeing this advantage for the first time in its history.

As U.Today Crypto News reported previously, ex-Messari analyst and angel investor Qiao Wang identifies two main catalysts of Ethereum's (ETH) price run in the mid-term perspective.

Related Ethereum (ETH) Price Two Bullish Signals, According to Investor Qiao Wang
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Ethereum (ETH) Price Two Bullish Signals, According to Investor Qiao Wang

According to Wang, the upcoming rally may be fueled by a long-awaited transition to Proof of Stake and fixing the monetary policy of Ether token.

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.)