• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
No Result
View All Result
Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
ERC-20

OKEx: Ethereum Smart Contract Bug Causes Temporary Suspension of ERC-20 Deposits

newsbtc by newsbtc
5 years ago
in Cryptocurrency news
Reading Time: 3 mins read
Advertisement

Today, April 25th, the third largest cryptocurrency exchange by trading volume, OKEx, announced that all ERC-20 token deposits have been suspended.

The move comes after developers discovered an Ethereum Smart Contract bug called BatchOverflow which permits those who exploit the bug to issue an almost unlimited number of new tokens. In turn, the newly minted tokens can then be deposited into other asset wallets. ‘This makes many of the ERC-20 tokens vulnerable to price manipulations of the attackers,’ the OKEx team wrote. 

Ethereum Smart Contract Bug: BatchOverflow

The issue was first reported in a Medium post published by OKEx three days ago. The post explained that the bug is a classic integer overflow issue, which occurs when any operation uses a numerical value outside the range that can be represented with the allocated number of bits. In detailing the problem, OKEx’s post also included a proof-of-concept which showed how an unlimited number of tokens can be generated from any vulnerable ERC-20 contract. 

Get 30 FREE SPINS at Punt Casino - NO DEPOSIT REQUIRED! Start Playing Now.
No Deposit 40 FREE SPINS at Wild.io on SIGN UP. Wheel of fortune, daily bonuses, 10 BTC in prizes monthly! Start Playing Now!

The post reads: “To protect public interest, we have decided to suspend the deposits of all ERC-20 tokens until the bug is fixed. Also, we have contacted the affected token teams to conduct investigation and take necessary measures to prevent the attack.”

It’s still unclear how many ERC-20 tokens are vulnerable to this bug, or which ones specifically are affected. As of today, BeautyChain (BEC) is the only confirmed token to be attacked.

The big fear is that this particular Ethereum Smart Contract bug will permit price manipulations of the vulnerable ERC-20 tokens. Unfortunately, a similar incident occurred in March on the cryptocurrency exchange Binance when attackers manipulated Viacoin (VIA), exchanging users altcoins for VIA and causing the coin’s price to climb.

OKEx and Changelly

Besides OKEx, another cryptocurrency trading platform, Changelly, has also suspended ERC-20 token trading. Announcing the suspension through its Twitter, the company wrote: 

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

“Dear Customers, ERC20 tokens are temporarily unavailable due to an exploit check. We will bring them back, once we are sure there is no vulnerability in deposits received. Follow the updates!”

This news comes just a day after a DNS attack was executed against popular online cryptocurrency storage provider MyEtherWallet (MEW). The security breach occurred at around 12:00 p.m. UTC yesterday and led to the draining of many MEW users funds. 

According to an official statement from the MEW team on Reddit, the breach occurred through the hijacking of Domain Name System servers. This caused MEW users to be redirected to phishing sites where control of their funds were unknowingly handed over to the perpetrators of the attack.

Image from Shutterstock.
Tags: BeautyChainBinanceChangellycryptocurrencycybercrimeERC-20EtherEthereum Smart Contractmarket manipulationOKExprice manipulation
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
newsbtc

newsbtc

Related Posts

U.S. Government Releases Roadmap To Mitigate Crypto Risk For Investors

U.S. Government Releases Roadmap To Mitigate Crypto Risk For Investors

2 hours ago
Signal Message FTX Sam Bankman-Fried

Former FTX Boss Sam Bankman-Fried Using Privacy Messaging App Signal

4 hours ago
Silvergate Dividends

Crypto-Friendly Bank Silvergate Suspends Dividend Payouts

6 hours ago
Does the Crypto Market Have The Strength To Break To The Upside? QCP Capital Weighs In

Does the Crypto Market Have The Strength To Break To The Upside? QCP Capital Weighs In

15 hours ago
Bitcoin U.S. institutional investors

U.S. Institutions Are Driving Bitcoin Prices, Matrixport Research

16 hours ago
STEPN and SWEAT Surge as Move-to-Earn Returns, But This Project is About to Revolutionize the Sector

STEPN and SWEAT Surge as Move-to-Earn Returns, But This Project is About to Revolutionize the Sector

20 hours ago

Premium Partners

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
Metaspins

Metaspins

Review · Visit
Coinplay

Coinplay

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
Vave

Vave

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
Coinplay

Coinplay

Review · Visit

MATIC Gains Over 20% As Polygon Network Records Biggest Whale Transaction Of 2023

January 28, 2023

Connecting the dots on $PAW. Is Ryoshi back?

January 28, 2023

Cardano’s (ADA) first native stablecoin will launch next week, Binance (BNB) Moved $346M for the Defunct Exchange Bitzlato, Snowfall Protocol (SNW) brings in massive 500% profits to investors

January 28, 2023

Cardano (ADA) Leads Crypto Dip as Market Sheds $27B Overnight, DMM Bitcoin starts handling Polygon (MATIC), Less than 7 days remain to Snowfall Protocol’s (SNW) launch

January 28, 2023

Cardano (ADA) and Solana (SOL) Holders See Potential in Snowfall Protocol (SNW)

January 28, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.