The Cosmos Osmosis chain has been restored after being offline for several days owing to modifications required to fix a bug that caused a liquidity exploit.
The chain was paused to prevent further damages to liquidity pools due to an Osmosis bug that “allowed liquidity providers to earn an extra 50% when adding and withdrawing liquidity.”
After a bug was revealed to Reddit in the week of June 6, the decentralized exchange on the ecosystem had $5 million taken from liquidity pools. If necessary, the Osmosis team stated that any losses will be reimbursed by the developer fund. The group declared:
“The bug itself was simple, and involved incorrect calculation of LP shares when adding and removing liquidity from pools. It should have been caught. It was painfully overlooked in internal testing that was focused on more advanced functionality related to the upgrade.”
To avoid further losses, the team suspended the chain. While the chain was down, the team stated that it was committed to “ensuring this never happens again.” The team required to update “security protocols to ensure the quality and safety of Osmosis” and do a “comprehensive retrospective on secure development processes” to restart the chain.
On June 9, Osmosis held OsmoCon at Consensus in Texas, which meant that the chain was not operational. It was planned to restart on June 10 at 4:00 p.m. UTC. The Osmosis Twitter account made no comment, but the platform looks to be operational again. Any prizes that should have been given out during the downtime should have been made available within the first five epochs. Osmosis caused the following information:
Since the chain’s relaunch, several users have reported problems with the platform. CryptoSlate, on the other hand, tested the swap capability, which functioned as expected as of June 12, 9:00 p.m. GMT.
Once all problems have been addressed, the team plans to “share more in-depth analysis of what happened.” If any issues that arose after restarting the chain have been addressed, users can expect this in-depth examination later this week.
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