OKEx suspends ECR20 token payments over a bug

World’s third largest exchange platform, OKEx declared that they suspended all ERC20 token deposit over a bug in the smart contracts system. The bug in question allows for the generation of a large number of tokens. It is called “BatchOverFlow”.

In a blog post earlier today, OKEx announced that the bug would make ERC20 tokens vulnerable to price manipulation.

They went on to say that:

“We have contacted the affected token teams to conduct investigation and take necessary measures to prevent the attack.”

The Twitter public was left in confusion after the announcement with user TomoHelan asking:

“Are other exchanges affected?”

ERC20 is a significant token standard for the Ethereum blockchain, developed in 2016. It defines a common list of standards for every token on the Ethereum platform to follow. This allows developers of the blockchain to accurately predict the nature of future tokens on the platform, reducing the amount of work done.

OKEx, on their official website, stated:

“To protect public interest, we have decided to suspend the deposits of all ERC-20 tokens until the bug is fixed. Also, we have contacted the affected token teams to conduct investigation and take necessary measures to prevent the attack.”

Recently, the support for exchange of ETH tokens for ERC20 tokens was done through a new token-swap feature. This allowed MyEthereumWallet users to convert their ETH into many different tokens such as Kyber Network Coin [KNC], EOS, OmiseGO [OMG], and stable coin DAI. MEW and Kyber plan to expand the token-swap functionality to include exchanges between different ERC20 tokens.

HitBTC, Poloniex Exchange had temporarily suspended ERC-20 token deposits and withdrawals but at press time Poloniex had re-nabled the withdrawals and deposits.

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