Stargate (STG) Suspected Vulnerability, Whales Can Profit Up To $2000
Key Points:
- Twitter users said that Stargate (STG) is suspected of having a loophole that whales can use many times for profit.
- A whale has cheated 200 times to profit from this liquidity imbalance error from $1000-$2000.
- The cause was determined to be an imbalance of USDC, USDT, and the EQ bonus offered.
According to a warning from a Twitter user, the Stargate (STG) cryptocurrency appears to have a bug causing a liquidity imbalance that makes whales able to profit from $1000-$2000.
As said by Twitter user @BofkUR, Stargate seems to have a bug. Big players can earn 1000-2000U every time they cross-chain using this bug.
As discovered from a whale’s activity, he is adding several million USDT to the traffic pool, then aborting it immediately to make the traffic pool unbalanced, then cross-chaining in the same block has canceled. He has traded more than 200 times recently.
Another user looked at the cross-chain between liquidation removal and final token receipt. The prediction could be that after the liquidity is added, the pooling ratio of both sides is out of balance. At this point, if there is an EQ Reward across the chain, also, USDT and USDC are not 1:1, and USDT will sometimes be higher. These two things could be the reason for this gap.
The Stargate Finance cross-chain bridge proposes to reissue all STG tokens after the impact of attacks targeting Alameda Research. This information once caused the price of STG token to rise sharply.
The Stargate cross-chain bridge proposed to reissue new STG tokens on March 15th and send them to all STG holders to eliminate the risk of illegal STG transfers from corrupted Alamada wallets.
However, on March 11, the unit behind Stargate Finance, the Stargate Foundation, suddenly proposed to cancel the token issuance plan. The Stargate Foundation revealed that it had been contacted by the bankruptcy unit that took over the FTX exchange. It said that any action affecting the exchange’s assets would violate US bankruptcy regulations. If the project still wants to reissue tokens, the bankruptcy unit will take legal action against Stargate.
The Stargate DAO community then had to conduct another vote, coming to a consensus that the intention to reissue STG should be canceled and continue to use the old token.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Foxy
Coincu News
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Stargate (STG) Suspected Vulnerability, Whales Can Profit Up To $2000
Key Points:
- Twitter users said that Stargate (STG) is suspected of having a loophole that whales can use many times for profit.
- A whale has cheated 200 times to profit from this liquidity imbalance error from $1000-$2000.
- The cause was determined to be an imbalance of USDC, USDT, and the EQ bonus offered.
According to a warning from a Twitter user, the Stargate (STG) cryptocurrency appears to have a bug causing a liquidity imbalance that makes whales able to profit from $1000-$2000.
As said by Twitter user @BofkUR, Stargate seems to have a bug. Big players can earn 1000-2000U every time they cross-chain using this bug.
As discovered from a whale’s activity, he is adding several million USDT to the traffic pool, then aborting it immediately to make the traffic pool unbalanced, then cross-chaining in the same block has canceled. He has traded more than 200 times recently.
Another user looked at the cross-chain between liquidation removal and final token receipt. The prediction could be that after the liquidity is added, the pooling ratio of both sides is out of balance. At this point, if there is an EQ Reward across the chain, also, USDT and USDC are not 1:1, and USDT will sometimes be higher. These two things could be the reason for this gap.
The Stargate Finance cross-chain bridge proposes to reissue all STG tokens after the impact of attacks targeting Alameda Research. This information once caused the price of STG token to rise sharply.
The Stargate cross-chain bridge proposed to reissue new STG tokens on March 15th and send them to all STG holders to eliminate the risk of illegal STG transfers from corrupted Alamada wallets.
However, on March 11, the unit behind Stargate Finance, the Stargate Foundation, suddenly proposed to cancel the token issuance plan. The Stargate Foundation revealed that it had been contacted by the bankruptcy unit that took over the FTX exchange. It said that any action affecting the exchange’s assets would violate US bankruptcy regulations. If the project still wants to reissue tokens, the bankruptcy unit will take legal action against Stargate.
The Stargate DAO community then had to conduct another vote, coming to a consensus that the intention to reissue STG should be canceled and continue to use the old token.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Foxy
Coincu News
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