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05 December 2020

This new Ethereum DeFi token that suffered a bug rallied 375% today anyway | CryptoSlate

This new Ethereum DeFi token that suffered a bug rallied 375% today anyway | CryptoSlate


smart summary beta

Audited by Quantstamp while the staking contracts were forked from Synthetix, there were many that were excited about the launch of the protocol, which took place on Nov.

The thing is, 88mph was subject to a bug that would have allowed a user to withdraw all of the ETH in the MPH/ETH pool, potentially amounting to hundreds of thousands or even millions.

This came shortly after it was discovered that there was another bug that allowed an attacker to exploit 88mph’s bonds to earn more in MPH rewards than was allowed.

Daryl Lau of Mechanism Capital half-jokingly lamented on Twitter that he sold his MPH before the exploit and thought he was “god,” though is now disappointed as that would be worth approximately six figures

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