RATE Group | Bug Forces Shutdown of Bitcoin-Backed Ethereum Token tBTC
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Bug Forces Shutdown of Bitcoin-Backed Ethereum Token tBTC

18 May Bug Forces Shutdown of Bitcoin-Backed Ethereum Token tBTC

Posted at 23:39h in Bitcoin News by

Blockchain venture studio Thesis has put a pause on deposits into tBTC, its new platform meant to put BTC on Ethereum so BTC can be used in decentralized finance (DeFi).

The Thesis team cited a bug, but is not disclosing details until all funds have been safely withdrawn from this iteration of tBTC. Thesis is now helping early users withdraw any BTC that had been deposited.

The project lead behind the new system, Thesis CEO Matt Luongo, sent the following statement to CoinDesk via a spokesperson:

“While the tBTC dapp was being tested over the weekend in its alpha version, a couple of community members put a few BTC into the contract before testing had concluded. Meanwhile, an issue in the dapp that was missed by our security audit was found by two of our contributors, and we decided to pause deposits for now to ensure the safety of funds. It is thanks to the strength and engagement of our community that this was identified quickly and all funds are safe.”

Luongo said the priority now…

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