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OracleSwap Halts FTSO Operations After Compromised Private Keys

Key Points:

Following a breach of the validator’s private keys, Flaremetrics has recommended delegates on OracleSwap to cancel access and switch to other FTSO operators.
FTSO provider revealed that the process of making its code open source had resulted in the compromise of its private keys.
Delegates are also urged to disable any access to Oracle since compromised keys there could provide malicious actors a large voting advantage.

Following a breach of the validator’s private keys, Flaremetrics has recommended delegates on OracleSwap to cancel access and switch to other FTSO operators.

The Songbird Network’s Oracle DEX technology enables users to receive interest for transferring their Flare and Songbird tokens.

On January 29, the FTSO provider revealed that the process of making its code open source had resulted in the compromise of its private keys.

OracleSwap indicated that in order for the FTSO community to view the developers that worked on the repost, it was necessary for it to make its v2 repos public. However, as a result of the reveal, its private keys were made public.

As a result, FlareMetrics has advised Oracle delegates to switch to other FTSO providers in order to prevent having their awards taken by dishonest individuals. According to data from FlareMetrics, there are currently close to 40 FTSO providers on Flare Network.

Delegates are also urged to disable any access to OracleSwap since compromised keys there could provide malicious actors a large voting advantage.

OracleSwap announced that it will burn the codes and begin work on a new contract in the interim.

OracleSwap will start a fresh FTSO infrastructure under new addresses after the improvement proposals are implemented,” OracleSwap added.

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Annie

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.