RATE Group | Bitcoin-Backed Ethereum Token tBTC Paused Due to Poorly Tested Redemption Code
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Bitcoin-Backed Ethereum Token tBTC Paused Due to Poorly Tested Redemption Code

20 May Bitcoin-Backed Ethereum Token tBTC Paused Due to Poorly Tested Redemption Code

Posted at 12:45h in Cryptocurrency News by

Keep Network says a flawed code addition forced the shutdown of its bitcoin-backed Ethereum token, tBTC, just two days after it launched.

On May 18, deposits of bitcoin into tBTC were paused for 10 days – a move prompted by a bug that was supposedly missed by a security audit and was later found by two of the network’s contributors.

That bug, revealed in a Medium blog post Wednesday, related to a flaw in the processing of deposit redemptions (when users try and pull bitcoin back out of the system), essentially due to the code’s inability to tell different types of bitcoin addresses apart.

“The team triggered this pause after finding a significant issue in the redemption flow of deposit contracts that put signer bonds for open deposits at risk of liquidation when certain types of bitcoin addresses were used in redemption,” Keep Network, which is behind the Thesis project that launched the token, said in the post.

The team noted that redemptions had originally been restricted to p2wpkh…

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