See More

Bitcoin-Backed Ethereum Token Forced to Shut Down Over Shoddy Code

1 min
Updated by Kyle Baird
Join our Trading Community on Telegram

In Brief

  • tBTC on Ethereum was discovered to have a major flaw in its code.
  • Fake redemptions were being processed due to the bug.
  • The team behind the project still plans to redeploy the tBTC system once it fixes the issues.
  • promo

tBTC is a new Ethereum token backed by Bitcoin. However, it was recently shut down due to a flaw in the code.
In a Medium blog post published by Keep Network, the bug was found in the processing of redemptions. In other words, users were unable to pull Bitcoin back out from tBTC. The code essentially failed to differentiate different types of BTC addresses. Despite the glaring mistake, however, the project plans to live on. Keep Network is calling for code auditors to track down other issues. The team says it will be announcing its plans to ‘redeploy the tBTC system’ sometime in the future. Wrapped Bitcoin (wBTC) has been skyrocketing on Ethereum as of late, but the tBTC fiasco does not inspire much confidence. At the time of writing, the amount of wBTC on Ethereum has stayed around $22.4M after spiking in the past week.
Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024

Trusted

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

photo_Anton_circle.jpg
Anton Lucian
Raised in the U.S, Lucian graduated with a BA in economic history. An accomplished freelance journalist, he specializes in writing about the cryptocurrency space and the digital '4th industrial revolution' we find ourselves in.
READ FULL BIO
Sponsored
Sponsored