RATE Group | OKEX Halts ERC20 Deposits Following Discovery Of Critical Ethereum Smart Contract Bug
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OKEX Halts ERC20 Deposits Following Discovery Of Critical Ethereum Smart Contract Bug

25 Apr OKEX Halts ERC20 Deposits Following Discovery Of Critical Ethereum Smart Contract Bug

Posted at 12:42h in Ethereum News by

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Hong Kong-based OKEX, the third largest cryptocurrency exchange in the world by trade volume, suspended all ERC20 token deposits April 25 after the discovery of what developers say is a “new smart contract bug.”

In a blog post, the exchange confirmed that the bug, called BatchOverFlow, was allowing malicious parties to “generate an extremely large amount of tokens, and deposit them into a normal address.”

“This makes many of the ERC-20 tokens vulnerable to price manipulations of the attackers,” they warn.

“To protect public interest, we have decided to suspend the deposits of all ERC-20 tokens until the bug is fixed.”

The events come just one day after a DNS exploit saw some users of ERC20 wallet resource MyEtherWallet inadvertently interact with a phishing website, exposing their login data and funds.

While some sources erroneously attributed the attack to weaknesses within MyEtherWallet’s infrastructure, developers subsequently refuted the claims.

As of press time,…

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