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Detail Analysis

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Date:

Status:

Count:

Contributor:

May 18, 2020

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Verified

1

zerofriction.io

Loss Amount:

-

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Recovered Amount:

-

Currency:

Dollars

KYC By:

Audit By:

None

None

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Website:

<a href=https://docs.keep.network/tbtc
/index.html target="_blank" style="text-decoration: underline">https://docs.keep.network/tbtc
/index.html

Twitter:

No data

Discord:

No data

Telegram:

No data

Medium:

No data

Github:

No data

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Key Indicators

Platform:

Type:

Category:

Method:

Protocol

Contract Vulnerabilities

Extended Method:

Logic error

Data Sources:

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On Friday, May 15, the alpha version of tBTC -- release candidate zero (rc.0) -- went live. On the morning UTC of May 18, 2020, the 10-day emergency pause of deposits allowed by the TBTC System contract was triggered. The action was taken after a significant issue in the redemption flow of deposit contracts was found that put signer bonds at risk in certain situations. In tBTC, someone with access to BTC, a depositor, can open a tBTC deposit on the Ethereum chain. This deposit is a smart contract that interacts with 3 signers in a separate network, who jointly generate and control aBitcoin wallet, such that no single signer can access the wallet. When opening the deposit, the depositor selects one of several available lot sizes, and, once the deposit has generated the wallet, sends that amount of BTC to its Bitcoin address. The depositor then submits proof to the deposit smart contract that the BTC transfer has taken place, and is able to mint the equivalent amount of TBTC, an Ethereum ERC-20 token. This allows a holder of BTC to enter the tBTC system and then use their TBTC token balance to interact with smart contracts that support it.

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DISCLAIMER: While Zero Friction LLC has used the best efforts in aggregating and maintaining this database, Zero Friction LLC makes no representations or warranties with respect to the accuracy or completeness, and specifically disclaim any implied warranties of merchantability or fitness for any particular purpose. 

Under no circumstances, shall Zero Friction LLC be liable for any loss of profit or funds, any regulatory or governmental penalties, any legal costs, or any other commercial and non-commercial damages, including but not limited to special, incidental, consequential, or other damages from any or all usage of the dataset or information derived from our database.