Critical Bug Found in the Maker Voting Contract. Stakers Must Withdraw Their Tokens ASAP


A recent flaw in the MakerDAO Governance Voting Contract detected by the Maker Foundation endangered the tokens placed on stake by users and required a critical update. The information was shared by the Maker team on their official subreddit a few hours ago.

Maker Logo
Maker (MKR) Logo

According to the new findings, this discovery was possible thanks to the joint work between the Maker Foundation, Coinbase and the cybersecurity firm Zeppelin.

The post does not provide any particular details about the bug or the consequences it might generate, however; the team urges all stakers to withdraw their tokens and place them on their personal wallets or migrate to the new version of the contract -the one with the critical update.

Maker’s team emphasized that they are not hiding information and promised to “provide a full debrief and detailed outline of the changes ASAP.”

Don’t Stake Maker Tokens? Then, Don’t Worry

According to the post, the problem affects only the voting contract and not the stability of the token, so those who do not take part in the voting portal have nothing to worry about.

They also explained that those who have tokens involved in the new contract do not need to worry. The problem may arise for those who have not migrated yet.

You are not in danger of losing your MKR if you own one of the ~190 addresses who have staked MKR in the current MakerDAO Governance Voting Contract, but you are advised to move your MKR out of the old contract and back into your personal wallet immediately.  

Critical Bug Found in the Maker Voting Contract. Stakers Must Withdraw Their Tokens ASAP 1
DAI Logo

The Maker Foundation is also responsible for the development of DAI, a stablecoin pegged to the value of the dollar. In order to achieve price stability and get it as close as possible to a 1:1 proportion with USD MakerDAO creates or destroys MKR according to the fluctuation of this stablecoin.

The announcement of the Maker Foundation does not seem to have affected the value of the MKR token. This cryptocurrency has had a fairly stable behavior during the day, with a stable bullish trend that has led the token to test resistance around 552 USD.

Critical Bug Found in the Maker Voting Contract. Stakers Must Withdraw Their Tokens ASAP 2
About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews

Crypto Scams

Cryptosoft
Cryptosoft Trading Bot Review
June 27, 2022
The Largest Crypto Scams Of 2022 (So Far)
The Largest Crypto Scams Of 2022 (So Far)
June 14, 2022
Scammers
How Do Scammers Entice Their Prey?
May 10, 2022
Beanstalk Farms Loses $80M In A Massive DeFi Governance Flash-Loan Hack
Beanstalk Farms Loses $80M In A Massive DeFi Governance Flash-Loan Hack
April 23, 2022
Prove
Joon Pak Head of Crypto at Prove talks to Us about Crypto Fraud And More
April 11, 2022

Automated trading with HaasBot Crypto Trading Bots

Blockchain/Cryptocurrency Questions and Answers

Russia
Roundtable Interview-What is the Effect of The Russia-Ukraine War on Cryptocurrency Prices?
March 4, 2022
GamStop
How Does Bitcoin Casino Work + 2021 Beginner’s Guide
November 8, 2021
Cryptocurrency
How to Buy and Sell Cryptocurrency
November 8, 2021
What Are Bitcoin Futures And How Will They Work In 2022?
November 4, 2021
Ethereum
The Unconventional Guide to Ethereum
October 28, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin20,900 0.01 % 2.31 % 1.27 %
Ethereum1,208.4 0.14 % 1.62 % 6.75 %
Tether0.9996 0.06 % 0.09 % 0.04 %
USD Coin1.000 0.06 % 0.01 % 0.24 %
BNB237.93 0.40 % 0.89 % 9.55 %
Binance USD1.001 0.06 % 0.10 % 0.34 %
XRP0.3508 0.13 % 3.58 % 8.24 %
Cardano0.4886 0.19 % 3.29 % 0.85 %
Solana38.66 0.27 % 5.66 % 9.01 %
Dogecoin0.07158 0.61 % 6.86 % 18.81 %

bitcoin
Bitcoin (BTC) $ 20,889.00
ethereum
Ethereum (ETH) $ 1,209.59
tether
Tether (USDT) $ 0.999472
usd-coin
USD Coin (USDC) $ 1.00
bnb
BNB (BNB) $ 237.53
binance-usd
Binance USD (BUSD) $ 1.00
xrp
XRP (XRP) $ 0.350771
cardano
Cardano (ADA) $ 0.488599
solana
Solana (SOL) $ 38.62
dogecoin
Dogecoin (DOGE) $ 0.071776