Miner, a token minted using the experimental ERC-X standard, experiences a fall of over 99% before witnessing losses. The Miner token traded at $11.41, down 87% during the time of the publication, stated Cointelegraph.
Sources revealed on February 14, 2024, the $10 million sell-off which took place due to a glitch in its smart contract. This is expected to have allowed users to double their tokens by transferring Miner tokens to themselves. Furthermore, “ This issue will be fixed. Contract will be audited before being redeployed. The saved liquidity (~130 ETH) is currently equal to ASTX LP [Liquidity Provider] and will be used for LP purposes for redeployment,” developers mentioned.
“It’s a pity that the contract has low-level loopholes. You can double your balance by transferring money to yourself…there are so many standards implemented without reference, the cost of innovation is a bit high, and the losses are not low,” Cointelegraph explained.
It is believed that many new Ethereum token standards have been deployed in recent years. However, experts have warned about the new standards’ experimental nature and lack of approval by the Ethereum Foundation itself, concluded Cointelegraph.
(With insights from Cointelegraph)
