OKEx Suspends ERC20 Deposits: Ethereum Smart Contract Bug
Cryptocurrency exchange OKEx has suspended deposits of all ERC20 tokens after they allegedly discovered a serious bug in at least 12 smart contracts built to this token standard. In a statement published yesterday, the Hong Kong-based exchange announced the suspension of deposits, explaining that attackers have exploited a newly-discovered smart contract bug called “batchOverflow” to generate “an extremely large amount of tokens” out of thin air and then deposit them into a normal Ethereum address.
“We are suspending the deposits of all ERC-20 tokens due to the discovery of a new smart contract bug – ‘BatchOverFlow’. By exploiting the bug, attackers can generate an extremely large amount of tokens, and deposit them into a normal address. This makes many of the ERC-20 tokens vulnerable to price manipulations of the attackers.”
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