Smart contracts on ETH are complicated. Something similar happened with wLEO too.
Posted via D.Buzz
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Smart contracts on ETH are complicated. Something similar happened with wLEO too.
Posted via D.Buzz
Yeah, most people don't realize that the creators of Wrapped Tokens often have a Key to withdraw all of the collateral should they choose to.
It's called = Custodian Wrapped Tokens
https://medium.com/wanchain-foundation/how-safe-are-todays-wrapped-btc-bridges-b0f35
Posted via D.Buzz
That's on top of all the potential problems that could exist within the smart contract code itself. We've seen millions being lost this way.
Yeah, but it is a guaranteed risk for Custodian wrapped tokens, and one that most people don't know about 😬
Posted via D.Buzz
Let's hope these Buzzes receive enough attention and educate the people!
Posted via D.Buzz