Dogechain Is Working Again After Fixing Fatal Errors In Bridge Contracts
Dogechain halted its network for several hours this weekend after a vulnerability was found in its bridged network. The team said that no funds were lost, but other sources suggest that $316,000 of crypto may have been converted. The network is now back up and running after ongoing maintenance.
This past weekend, Dogechain stopped processing transactions after engineers found a serious flaw in the bridge contracts of the project.
On September 10, a glitch was discovered, and block creation was put on hold for a while. The development team announced that the network was back online with continuous maintenance on September 11.
The bug could have allowed attackers to mint wrapped DOGE (wDOGE) freely on the bridge network.
The team was able to stop the “unwarranted minting of wDOGE” since the project’s network now relies on a Proof-of-Authority (PoA) consensus method, according to the project. It further stated that PoA would continue to be used until the team was completely ready to switch to Proof-of-State (PoS) consensus.
The problem, according to Dogechain, included a “internal bug” rather than “an exploit or hack”. Nobody had misplaced or stolen any Dogecoin (DOGE), the team told the public. Additionally, it said that no “internal funds” (probably referring to Dogechain (DC) and wrapped Doge (wDOGE) tokens) had been misplaced.
However, some sources argue that Dogechain did indeed lose funds. Independent crypto researcher Crumbs suggested that an attacker exploited the vulnerability to mint 9.7 million wDOGE ($600,000). The supposed attacker converted as much as $316,000 to other assets; a portion of those funds may have been deposited to Binance.
The network is now back to normal after all the team’s ongoing maintenance efforts.
It is important to note that Dogechain, not Dogecoin, is affected by the vulnerability. There is no formal connection between the two initiatives. By creating a Layer 2 network, Dogechain hopes to enable the use of bridging Dogecoin coins on brand-new platforms like decentralized exchanges and NFT marketplaces.
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