• Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics
Subscribe
  • Login
  • Register
No Result
View All Result
  • Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics
No Result
View All Result
No Result
View All Result

Digix Hacked Out of Some $260,000 DGD

27/07/2017 11:26
No comments

The DigixDAO crowdsale smart contract had a vulnerability with high severity, but low impact as “only” 4162.2647 DGDs belonging to 35 addresses were affected according to a statement by Digix.

The vulnerability was discovered by Gustav Simonsson, an ethereum developer, who informed Digix on the 23rd of July.

“A bug in the DigixDAO Crowdsale Contract allowed an attacker to receive unclaimed DGD tokens,” Anthony Eufemio, Digix’s CTO, said before proceeding to provide the technical details.

Their analysis showed the bug was used to claim more than 4,000 DGDs, currently worth some $260,000, but they all will be reimbursed, DGD says, with the bug now fixed.

“Lesson learned,” Eufemio says before adding “we now have a new convention to avoid this mistake by avoiding the use of msg.sender and instead setting the variables at the head of each function. The assignment costs extra gas, but it will help avoid this issue in the future.”

Digix announced an audit of their smart contract back in May that was to end around June, but that was for dgx 2.0, Kai Chng, Digix’s co-founder, told trustnodes.

However, “we did not have an audit for the crowdsale contract,” Chng says, so the bug has seemingly slipped in and remained undiscovered until last week.

Which just goes to show how careful one has to be when writing code that directly controls assets. Especially when the total assets in question have a marketcap of some $125 million with each valued at nearly $63.

Their price fell slightly today, but has halved since last month, seemingly following ethereum’s price movements during the same time period.

DGD’s current price

Digix was one of the first ICOs and ethereum based project, raising around 550,000 eth back in March 2016, worth at the time $5.5 million, with the aim of creating a gold backed stable currency as DGD token holders are given part of the transaction fees in DGX, which is 1:1 with gold.

But DGX isn’t traded anywhere, while price action shows DGD has hardly been stable, with it seemingly closely following eth’s movements both up and down. Probably because it attracts interest primarily from speculators.

DGX as promoted on the Digix website.

So their promise to ICO investors of a “stable store of value” has seemingly not yet materialized, but they are soon to launch a marketplace which might perhaps take the idea further.

 

Related Posts

The Court of Justice

Crypto Developers Don’t Own Duty of Care Court Rules

XP Inc Nasdaq listing, 2019

Brazil’s Biggest Broker to Start Crypto Trading

Defi ETP to Start Trading

Luna Delisted After Half a Trillion Trading Volumes

Load More
  • Trending
  • Comments
  • Latest
US Bureau of Labor Statistics

Inflation Falls

Wormhole UST/CRV Disbalance, May 2022

Who Killed Luna?

Luna delisted, May 2022

Luna Delisted After Half a Trillion Trading Volumes

Bitcoin whale transfers to exchanges, May 2022

Bitcoin Transfers to Exchanges Spike to Near All Time High

The Court of Justice

Crypto Developers Don’t Own Duty of Care Court Rules

XP Inc Nasdaq listing, 2019

Brazil’s Biggest Broker to Start Crypto Trading

21Shares Launching the BOLD ETP, April 2022

Defi ETP to Start Trading

Luna delisted, May 2022

Luna Delisted After Half a Trillion Trading Volumes

Comments

Latest News

  • Crypto Developers Don’t Own Duty of Care Court Rules
  • Brazil’s Biggest Broker to Start Crypto Trading
  • Defi ETP to Start Trading

About Trustnodes

Terms of Service

Privacy Policy

Our Ethics and Values

Trustnodes Newsletter

Trustnodes © 2017-2022. All Rights Fully Reserved. For any Enquiries contact@trustnodes.com RSS Feed

No Result
View All Result
  • Login
  • Sign Up
  • Cart
  • Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics

Trustnodes © 2017-2022. All Rights Fully Reserved. For any Enquiries contact@trustnodes.com RSS Feed

Welcome Back!

Login to your account below

Authenticate with MetaMask Loading...

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?