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News

Kwenta Derivatives Exchange Suspends Staking Contract

July 14, 2023 - Around 2 mins mins to read

Key Points:

  • Kwenta derivatives platform suspends pledge contract due to potential bug in Stake v2 contract.
  • Bug could lead to loss of newly released v2 rewards, but existing balances and funds are safe.
  • Kwenta’s proactive response prioritizes user safety and reflects commitment to secure trading environment.
Kwenta, the popular derivatives trading platform, revealed that it has suspended its pledge contract following the discovery of a potential bug in the Stake v2 contract.
image 928

The bug, if exploited, could result in the loss of newly released v2 rewards. However, Kwenta assures its users that existing balances will not be affected, and funds held in the v2 contract remain safe.

The bug was identified by Kwenta contributors shortly after the v2 migration process began. Recognizing the potential risk it posed to users’ rewards, Kwenta swiftly took action and temporarily suspended the v2 contract as a precautionary measure. The decision to suspend the contract was made to ensure the safety and security of users’ funds.

Kwenta

Although the bug has been identified, KT has emphasized that there are currently no confirmed cases of affected users. This indicates that the bug was detected before any significant harm could occur. KT’s proactive response to the situation reflects their commitment to maintaining a secure trading environment for their users.

Kwenta has stated that its development team is actively working to address the bug and resolve the issue as quickly as possible. Once the bug is successfully patched, the pledge contract will be reinstated, allowing users to resume trading and accessing v2 rewards without any further concerns.

Kwenta

The incident serves as a reminder of the importance of ongoing security audits and bug testing in the blockchain and cryptocurrency industry. KT’s swift response and transparency in addressing the bug are commendable, as they prioritize the protection of user funds and the overall integrity of their platform.

Users of KT are advised to follow the platform’s official communication channels for updates regarding the bug fix and the reinstatement of the pledge contract. Kwenta’s commitment to transparency and user safety will undoubtedly contribute to the platform’s continued success and the trust of its growing user base.

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.

Kwenta

Kwenta Derivatives Exchange

Staking Contract

Author

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.
News

Kwenta Derivatives Exchange Suspends Staking Contract

Key Points:

  • Kwenta derivatives platform suspends pledge contract due to potential bug in Stake v2 contract.
  • Bug could lead to loss of newly released v2 rewards, but existing balances and funds are safe.
  • Kwenta’s proactive response prioritizes user safety and reflects commitment to secure trading environment.
Kwenta, the popular derivatives trading platform, revealed that it has suspended its pledge contract following the discovery of a potential bug in the Stake v2 contract.
image 928

The bug, if exploited, could result in the loss of newly released v2 rewards. However, Kwenta assures its users that existing balances will not be affected, and funds held in the v2 contract remain safe.

The bug was identified by Kwenta contributors shortly after the v2 migration process began. Recognizing the potential risk it posed to users’ rewards, Kwenta swiftly took action and temporarily suspended the v2 contract as a precautionary measure. The decision to suspend the contract was made to ensure the safety and security of users’ funds.

Kwenta

Although the bug has been identified, KT has emphasized that there are currently no confirmed cases of affected users. This indicates that the bug was detected before any significant harm could occur. KT’s proactive response to the situation reflects their commitment to maintaining a secure trading environment for their users.

Kwenta has stated that its development team is actively working to address the bug and resolve the issue as quickly as possible. Once the bug is successfully patched, the pledge contract will be reinstated, allowing users to resume trading and accessing v2 rewards without any further concerns.

Kwenta

The incident serves as a reminder of the importance of ongoing security audits and bug testing in the blockchain and cryptocurrency industry. KT’s swift response and transparency in addressing the bug are commendable, as they prioritize the protection of user funds and the overall integrity of their platform.

Users of KT are advised to follow the platform’s official communication channels for updates regarding the bug fix and the reinstatement of the pledge contract. Kwenta’s commitment to transparency and user safety will undoubtedly contribute to the platform’s continued success and the trust of its growing user base.

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.