Ethereum

Token

Bitcoin

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/new-token-miner-plummets-sparking-crypto-community-attention/" data-wpel-link="internal">New Token Miner Plummets, Sparking Crypto Community Attention</a><br></p>
<p class="p1" style="text-align: justify">A new token called Miner, minted using the experimental <strong>ERC-X</strong> standard, has managed to capture the crypto community’s attention by dropping over 99% in just a few hours before reducing losses. At the time of writing, each Miner token was trading at $11.41, down 87% within the day. As announced by the developers on February 14th, a glitch in the smart contract that allowed users to double their Miner holdings led to a $10 million sale.</p> 
<h2 class="p1" style="text-align: justify" id="what-happened-on-the-miner-front">What Happened on the Miner Front?</h2> 
<p class="p1" style="text-align: justify">The developers have stated that this issue will be fixed and assured that the contract will be audited before being redeployed. The saved liquidity is worth 130 <strong>Ethereum</strong> and is currently equal to the liquidity provider ASTX LP, and will be used for redistribution for LP purposes. Yu Xian, a founding partner of the Singaporean blockchain security firm SlowMist, commented on the double-spending glitch:</p> 
<blockquote> 
 <p class="p1" style="text-align: justify">“It’s unfortunate that the contract has low-level gaps. You can double your balance by transferring <a href="https://newslinker.co/category/finance/" data-wpel-link="exclude">money</a> to yourself. There are too many standards applied without reference, the cost of innovation is a bit high, and the losses are not low.”</p> 
</blockquote> 
<p class="p1" style="text-align: justify">The <strong>ERC-X</strong> created by Miner developers is known as a new Ethereum token standard that combines the features of ERC-20, ERC-721, and the newly invented ERC-404 token standards. In response to the issue, the Miner team asked the person who first discovered the smart contract failure to return 30% of the faulty funds, amounting to $120,000.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-314903" src="https://coin-turk.com/wp-content/uploads/2024/02/shou-tweet.png" alt="" width="500" height="577"></p> 
<h2 class="p1" style="text-align: justify" id="erc-404-and-possible-scenarios">ERC-404 and Possible Scenarios</h2> 
<p class="p1" style="text-align: justify">Although many new <strong>Ethereum</strong> token standards have been implemented in recent years, experts have warned about their experimental nature and the lack of approval from the Ethereum Foundation. ERC-404 is such a standard, invented earlier this year, enabling partial ownership of non-fungible assets.</p> 
<p class="p1" style="text-align: justify">The first token minted using ERC-404, <strong>Pandora,</strong> has since surpassed a market value of $200 million. With these developments, the real curiosity is what will happen in the ERC-404 space. It could be possible to see a different dimension of the developments in the <a href="https://en.coin-turk.com/expert-predicts-significant-rise-for-polkadot-and-opportunities-amidst-crypto-correction/" data-wpel-link="internal">Bitcoin</a> Ordinals space in this area as well.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/new-token-miner-plummets-sparking-crypto-community-attention/" data-wpel-link="internal">New Token Miner Plummets, Sparking Crypto Community Attention</a></h5>

New Token Miner Plummets, Sparking Crypto Community Attention

목차

COINTURK NEWS

2024년 2월 15일에 게재된 다른 기사

MATIC Token Might Undergo Bullish Growth in 2024

Federal Reserve deliberately pushing back rate cuts

This is Why Binance Invested in These 3 Crypto Platforms

Generative AI Poses Challenges and Opportunities for DevSecOps

Bitcoin Exchange Reserves Hit Six-Year Low as BTC Holders Shift Strategy While Price Reaches New ...

TRON Burns 9.9 Million TRX Tokens, Price to $0.5 Next?

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!