RATE Group | Ethereum’s BTC-backed token forced to shut down
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Ethereum’s BTC-backed token forced to shut down

21 May Ethereum’s BTC-backed token forced to shut down

Posted at 13:11h in Cryptocurrency News by

  • A crypto project based on Ethereum, but backed by Bitcoin coins — tBTC — suddenly announced its shutdown.
  • Medium report, the project has a major flaw in its code that prevented people from withdrawing their BTC.
  • Despite the flaw, the project plans to return once this, and other potential errors are fixed.

A token that was created on Ethereum’s network, but backed by Bitcoin coins, recently had to shut down, according to new reports. The project in question is known as tBTC, and the shutdown came after a significant flaw in its code was identified.

A massive code flaw prevents users from redeeming BTC

The announcement of the shutdown came recently in a blog post published on Medium by Keep Network. The post explains that there is a major bug in the project’s processing of redemptions.

What this means is that any user who locked their BTC in order to gain tBTC, and then wanted to retrieve the originally-locked coins were unable to do so. Essentially, the code proved…

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