Decentral Bank Fixed Bug That Allowed Users To Print 10 Trillion USN
Decentral Bank, the organization behind the USN algorithmic stablecoin on the Near Protocol ecosystem, revealed that it has fixed a critical vulnerability.
The organization, which released the USN algorithmic stablecoin on Near Protocol, said on the evening of July 7 that it had patched a smart contract vulnerability that caused 10 trillion USN to be issued.
According to the project announcement, the vulnerability was discovered when a user named pavladiv.near tried to swap 5 USN for 5 USDT on July 6. However, Decentral Bank reported an error that the user did not have USDT in the wallet. After trying 2 times and still not working, the system proceeds to refund 5 USN to the above user, and this is when the problem occurs.
Decentral Bank’s smart contract put the decimal error in both return transactions to 4.9995 USN, which sent it back to pavladiv.near to nearly 10 trillion USN.
After discovering the incident, Decentral Bank had to urgently stop the smart contract and patch the vulnerability. They also burned the excess USN and brought the total supply back to the old level of $114.16 million.
The project acknowledged that if delayed, the above vulnerability could be exploited by others and printed a large amount of USN, and drained USDT liquidity on Ref Finance, the leading DEX platform on Near Protocol.
Decentral Bank confirmed that no users were affected by the vulnerability, and awarded a bug bounty to pavladiv.near.
Previously, on July 1, Decentral Bank announced that it would suspend the use of NEAR as collateral during the issuance of new USN because of the volatile market situation. Currently, users can only use stablecoin USDT as collateral to create a new USN.
According to data from CoinMarketCap, the USN price was slightly depeg to $0.983 when the crash occurred, before recovering to $1 at press time.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Harold
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Decentral Bank Fixed Bug That Allowed Users To Print 10 Trillion USN
Decentral Bank, the organization behind the USN algorithmic stablecoin on the Near Protocol ecosystem, revealed that it has fixed a critical vulnerability.
The organization, which released the USN algorithmic stablecoin on Near Protocol, said on the evening of July 7 that it had patched a smart contract vulnerability that caused 10 trillion USN to be issued.
According to the project announcement, the vulnerability was discovered when a user named pavladiv.near tried to swap 5 USN for 5 USDT on July 6. However, Decentral Bank reported an error that the user did not have USDT in the wallet. After trying 2 times and still not working, the system proceeds to refund 5 USN to the above user, and this is when the problem occurs.
Decentral Bank’s smart contract put the decimal error in both return transactions to 4.9995 USN, which sent it back to pavladiv.near to nearly 10 trillion USN.
After discovering the incident, Decentral Bank had to urgently stop the smart contract and patch the vulnerability. They also burned the excess USN and brought the total supply back to the old level of $114.16 million.
The project acknowledged that if delayed, the above vulnerability could be exploited by others and printed a large amount of USN, and drained USDT liquidity on Ref Finance, the leading DEX platform on Near Protocol.
Decentral Bank confirmed that no users were affected by the vulnerability, and awarded a bug bounty to pavladiv.near.
Previously, on July 1, Decentral Bank announced that it would suspend the use of NEAR as collateral during the issuance of new USN because of the volatile market situation. Currently, users can only use stablecoin USDT as collateral to create a new USN.
According to data from CoinMarketCap, the USN price was slightly depeg to $0.983 when the crash occurred, before recovering to $1 at press time.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Harold
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