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Post: Developers Plan to Fix Smart Contract Bug and Save Liquidity for Miner Redeployment

Developers Plan to Fix Smart Contract Bug and Save Liquidity for Miner Redeployment

Key Points:

  • The price of Miner, a token based on the experimental ERC-X standard, crashed over 99% due to a bug in its smart contract.
  • Users were able to double their token balance by sending tokens to themselves, leading to a $10 million sell-off.
  • Developers have acknowledged the issue and plan to fix it by auditing the contract before redeploying it.
  • The saved liquidity, approximately 130 ETH, will be used for liquidity provider purposes during redeployment.

Developers Plan to Fix Smart Contract Bug:

The crash in Miner’s price was caused by a bug in its smart contract, which allowed users to double their token balance by transferring tokens to themselves. Developers have acknowledged the issue and plan to fix it by auditing the contract before redeploying it. They have also stated that the saved liquidity, around 130 ETH, will be utilized for liquidity provider purposes during the redeployment process.

Expert Insights on the Double-Spending Glitch:

Yu Xian, co-founder of Singaporean blockchain security firm SlowMist, commented on the double-spending glitch that resulted in the crash of Miner’s price. Further details or insights from Xian were not provided in the article.

Hot Take:

The crash in Miner’s price highlights the importance of thorough smart contract auditing and testing before deployment. Bugs and vulnerabilities in smart contracts can have significant financial consequences, as demonstrated by the $10 million sell-off caused by the double-spending glitch. It is crucial for developers to prioritize security measures to protect users and maintain the trust in decentralized applications.

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