There have been signals of an emergency around the SYRUP smart contract. CertiK audit seems not sufficient enough to avoid compromises. In the very unfortunate scenario, we sympathise with those that came across any losses.
An exploit found in the SYRUP smart contract forced PancakeSwap to put an end to their SYRUP pools. Even with a CertiK audit, it appears the contracts can still be compromised.
Pancake Swap Exploit Emergency
PancakeSwap’s Governance token “SYRUP” has been compromised. A flaw in the contract would allow staked CAKE to be removed without burning the SYRUP minted. People could un-stake via the contract’s emergency withdrawal function; this function would not eliminate the existing SYRUP that was created. They could then re-stake the CAKE tokens and keep receiving the SYRUP token as a reward. The result; about 30 Million SYRUP tokens have been minted fraudulently. Because the SYRUP token was used for staking in the SYRUP pools and bad actors staked & sold all the fake syrup tokens, pulling down prices and the APY. As a result, it put honest investors at a disadvantage.
Certik Audit
Even though PancakeSwap has been audited by CertiK and paid for insurance, they are not covered for the losses as the contract only was audited in “delta,” meaning they only checked things that were different from the original SUSHI contract. PancakeSwap, therefore, was unable to put in a claim at Certik insurance.
Source: BSC.NEWS
OFFICIAL AUTHOR OF THIS POST IS BSC.NEWS
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.
BSC NEWS is a private news network. All posts posted by this user belong 100% to bsc.news All rights are reserved to BSC NEWS for more information about BSC NEWS contact BSC NEWS HERE.
