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Over $1 Billion Ethereum-Based Tokens Vulnerable to ‘Fake Deposit Exploit’

A number of university researchers published a study that demystifies the “fake deposit vulnerability” in Ethereum-based smart contracts. The findings show that over 7,000 tokens worth more than $1 billion built on top of Ethereum are vulnerable to two types of attacks that exploit smart contracts. Researchers from the University of Queensland, Beijing University of Posts and Telecommunications, Zhejiang University, and Peking University have published a paper that describes a vulnerability held by over 7,000 Ethereum-based tokens. Essentially, the tokens created have verification methods that are subpar to ERC20 contracts released after 2017. The vulnerability allows the token’s codebase to…

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