Blockchain security firm SlowMist claimed there was an exploit involving Lido Finance's contract token while the liquid staking protocol assured users that funds were safe.
Providing more details, SlowMist said that the security loophole allowed anyone to carry out transfers exceeding the amount of funds that they held. Due to the logical flaw, instead of the ideal transaction rollback scenario, a false return was triggered.“Be aware that there are many token contracts in the market that do not adhere to the ERC20 standard. Before integrating new tokens, ensure a deep understanding and analysis of their contract code to ensure the correct deposit logic.
However, Lido was not convinced. It stated that the particular behavior was not confined to LDO tokens but extended to all other ERC-20 tokens as well. Using the ERC-20 standard as a guide, Lido demonstrated how the logic returned transfer status in all regular scenarios and only reverted the transaction in “exceptional” circumstances.As the issue escalated, LDO began to feel the heat. Lido’s native token fell 4.5% to $1.45 in the hours following SlowMist’s post on social media platform X, formerly Twitter. However, Lido’s counterargument served to calm the waters. LDO recovered to $1.49 at the time of writing, data from CoinMarketCap revealed.
Moreover, LDO’s social volume spiked. This indicated that the negative chatter around the token had increased on crypto-focused social groups of popular forums.
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