Token

Standard

Pandora

Glitch

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/crypto-token-miner-crashes-in-value-due-to-smart-contract-glitch">Crypto Token “Miner” Crashes in Value Due to Smart Contract Glitch</a><br></p>
<p style="text-align: justify"> In a startling turn of events, a new cryptocurrency token known as Miner, which operates on an experimental ERC-X standard, suffered a catastrophic value drop, nosediving over 99% in just a matter of hours. The digital asset’s price stabilized to $11.41, indicating an 87% decline within the same day. This sharp decline was caused by a glitch in the token’s smart contract that inadvertently permitted holders to duplicate their Miner tokens simply by transferring the tokens to themselves. This glitch was exploited during a sale event which raised $10 million. </p> 
<h2 id="immediate-response-to-the-glitch">Immediate Response to the Glitch</h2> 
<p style="text-align: justify"> The Miner development team has taken swift action to address the glitch, vowing to revamp the contract following a thorough audit and to utilize the preserved 130 Ethereum in liquidity for redistribution purposes. Yu Xian of SlowMist, a blockchain security firm, highlighted the severity of the glitch, critiquing the adoption of numerous standards without proper vetting and pointing out the high cost of such innovation risks. </p> 
<h2 id="understanding-erc-x-and-the-novel-erc-404-standard">Understanding ERC-X and the Novel ERC-404 Standard</h2> 
<p style="text-align: justify"> The ERC-X standard, crafted by the creators of Miner, merges elements of previously existing Ethereum token standards and the novel ERC-404 standard, which allows for fractional ownership of non-fungible assets. Despite the promising start for ERC-404 with the Pandora token amassing a $200 million market cap, experts caution against the unapproved and experimental nature of these new standards. The unfolding scenario within the ERC-404 domain is poised to draw attention, potentially paralleling recent <a href="https://en.bitcoinhaber.net/bitcoins-rollercoaster-ride-amid-etf-confusion-and-ripples-network-milestone">Bitcoin</a> Ordinals developments. </p> 
<p style="text-align: justify"> Following the smart contract debacle, the Miner team reached out to the individual who identified the glitch, requesting the return of 30% of the erroneously obtained funds, which equated to $120,000. </p> 
<p style="text-align: justify"> The crypto community now watches closely as the Miner team works to rectify the situation and as the broader implications for new Ethereum standards like ERC-404 become clearer.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/crypto-token-miner-crashes-in-value-due-to-smart-contract-glitch">Crypto Token “Miner” Crashes in Value Due to Smart Contract Glitch</a></h5>

Crypto Token “Miner” Crashes in Value Due to Smart Contract Glitch

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