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<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

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