A bug in its smart contract that allows users to double their balance by sending tokens to themselves has led to a crash in Miner’s price.
Miner, a novel token minted using the experimental ERC-X standard, crashed over 99% in the past few hours before paring losses. At the time of publication, each Miner token trades at $11.41, down 87% on the day.
As told by developers on Feb. 14, the $10 million sell-off resulted from a glitch in its smart contract that allowed users to double their tokens by simply transferring Miner tokens to themselves. “This issue will be fixed,” developers wrote. “Contract will be audited before being redeployed. The saved liquidity (~130 ETH) is currently equal to ASTX LP [Liquidity Provider] and will be used for LP purposes for redeployment.”
Yu Xian, co-founder of Singaporean blockchain security firm SlowMist, said in relation to the double-spending glitch:
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Source: https://cointelegraph.com/news/novel-erc-x-token-crashes-87-percent-after-uncovering-double-spending-glitch