Bitcoin

<ul><li>Degen Chain user loses 90% of funds in bridge transfers, sparking major concerns and criticism in blockchain community.</li><li>The internal bug causes a $5,000 loss on Degen Chain, with platform admitting fault and planning major service overhaul.</li><li>Critics question Degen Chain&#39;s reliability and security as the platform pledges improvements amid user dissatisfaction.</li></ul>In a significant setback for the Degen Chain community, a user recently lost 90% of their funds during a bridge transfer to Base, an Ethereum layer-2 protocol. On July 16, <a href="https://x.com/degentokenbase/status/1813141613557805485" rel="noopener noreferrer nofollow">Degen Chain</a> user Tempe.degen reported a loss of 785,000 DEGEN tokens, valued at nearly $5,000. The mishap, which occurred during a routine bridge transfer, has sparked a wave of concern and criticism within the blockchain community.<img src="https://lh7-us.googleusercontent.com/docsz/AD_4nXcY0M6zyEcZiGHm5XywzuEOrtrORtapp5F8rBk3jMN2FvSDoin8ukQb676SAcyZkms9C5W_UrdOvC1F3XMtXwb2KJUiyE0P4jogQPk5smVWDipeQVPk3az6JyNFTvvk8f3iGLYiXcPzZr6AWpHWS3m30sSN?key&#61;nvFLkszx1G0mqiTHAymB0A" />Following the incident, Degen Chain conducted an internal investigation and attributed the loss to an internal bug. The blockchain protocol promptly addressed the issue, stating its intent to reimburse users affected by the bug.<a href="https://cryptotale.org/degen-chain-bridge-bug-results-in-fund-loss-is-layer-3-ready-for-prime-time/" rel="noopener noreferrer nofollow">Read more on CryptoTale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

Degen Chain Bridge Bug Results in Fund Loss: Is Layer-3 Ready for Prime Time?

CryptoTale

Outros artigos publicados em 18 de jul. de 2024

Security Breach at WazirX Leads to $230 Million Loss; CoinDCX Founder Guarantees User Asset Prote...

Solana and Dogecoin Rise in Crypto Market Alongside Pawfury’s Promising Presale

Bitcoin (BTC) Price Prediction: Will BTC Reach $70,000 by End of 2024?

SOL and Near Protocol Surge: Analysts Predict Continued Gains

WazirX Hack Leads to Huge SHIB Sell-off: Sell Signal?

Why DAMN Should Stick to Shibarium's Bridge and the Importance of Encryption Security

Join our free newsletter for daily crypto updates!