Crypto News

The work of the tBTC token is suspended

Bidding stable coin tBTC-backed bitcoin was interrupted almost immediately after starting due to a detected vulnerability.

An ambitious attempt to create a version of bitcoin for use in Ethereum failed after only two days. SEO project Matt Luongo announced on Twitter that he turned off tBTC from the network, and will soon release an official release about the found vulnerability.

According to BTConEthereum.com in tBTC was blocked in total of 7.13 bitcoins ($68 000). All deposits suspended for 10 days for a full analysis of the discovered vulnerabilities.

Licenzirovanie version BTC is a way to make the first cryptocurrency usable in Ethereum. tBTC can also be used in decentralized financial applications ( DeFi ). The system uses smart contracts to block a certain number of bitcoins and unblock licenzirovanie version of VTS in Ethereum.

tBTC relies entirely on smart contracts, the code had to be infallible. Stop the tBTC project should reduce the risk of losing money. But the fact that the developers are “pulling the red lever” to stop the project, raises questions about how decentralized it was actually.

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