🚀 LayerZero CEO Highlights Critical Issue in Across Protocol's Token Contract
#LayerZero #AcrossProtocol #TokenContract #ERC20 #SmartContract #TokenSecurity #CrossChain #Blockchain #OpenZeppelin #Vulnerability #BugBounty #UMA #ZRO
According to BlockBeats, on October 22, Bryan Pellegrino, CEO of cross-chain interoperability protocol LayerZero, addressed the Across Protocol team via social media regarding a significant issue in their token contract.
Pellegrino pointed out that the team had mistakenly exposed a function intended to be private. This function, written by OpenZeppelin in its ERC20 token implementation, is designed to destroy tokens and was given to the contract owner. This exposure allows the contract owner to withdraw tokens from any wallet at will and reduce any account balance to zero.
Additionally, Pellegrino noted that both the Across Protocol and UMA Protocol contracts possess the capability for unlimited minting. Despite being informed of these issues, the teams appeared indifferent.
To resolve this problem without reissuing the tokens, Pellegrino suggested transferring contract ownership to a new smart contract. This new contract should prevent minting beyond the total supply and disallow token destruction. Given the permanent nature of this vulnerability, the new contract must be immutable and should not include any ownership transfer functions.
Pellegrino also mentioned that if the team has an active bug bounty program, they could credit the LayerZero team for this information.#LayerZero #AcrossProtocol #TokenContract #ERC20 #SmartContract #TokenSecurity #CrossChain #Blockchain #OpenZeppelin #Vulnerability #BugBounty #UMA #ZRO
🚀 🔥 Binance to List Across Protocol (ACX) and Orca (ORCA) on December 6 🔥
#Binance #AcrossProtocol #Orca #ACX #ORCA #Cryptocurrency #SpotTrading #DeFi #TradingBots #CopyTrading #SeedTag #Innovation #Blockchain
Binance announced the listing of Across Protocol (ACX) and Orca (ORCA), with spot trading for these tokens set to begin on December 6, 2024, at 13:00 UTC. The tokens will feature the seed tag, highlighting their position as innovative projects in the early stages of development.Trading DetailsNew Trading Pairs: ACX/USDT, ORCA/USDTDeposits Open: Immediately, enabling users to prepare for trading.Withdrawals Open: December 7, 2024, at 13:00 UTC (subject to adjustments; check withdrawal status on the platform).Listing Fee: 0 BNBSmart Contract AddressesACX (Ethereum): 0x44108f0223A3C3028F5Fe7AEC7f9bb2E66beF82FORCA (Solana): orcaEKTdK7LKz57vaAYr9QeNsVEPfiu6QeMU1kektZETrading EnhancementsBinance plans to enable Trading Bots and Spot Copy Trading for ACX and ORCA within 24 hours of listing. Users can customize their portfolios by including these tokens in the Personal Pair Preference section under Spot Copy Trading settings.Important NotesSeed Tag Application: Both ACX and ORCA will carry the seed tag, indicating potential for innovation but also higher risk due to their early development stage.Safety Advisory: Binance urges users to exercise caution and conduct thorough research before trading ACX or ORCA outside its platform to avoid scams and protect funds.Reference Information: In case of discrepancies in translated versions, users should rely on the original English announcement for the most accurate information.#Binance #AcrossProtocol #Orca #ACX #ORCA #Cryptocurrency #SpotTrading #DeFi #TradingBots #CopyTrading #SeedTag #Innovation #Blockchain
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🚀 Accusations of Misconduct in DAO Voting by Across Protocol Team
#Misconduct #DAOVoting #AcrossProtocol #Glue #Ogle #Manipulation #Treasury #ACX #RiskLabs #Investment #Funding #Blockchain #Crypto
According to Odaily, Glue founder Ogle has released a detailed statement on X, accusing the Across Protocol team of manipulating DAO votes to misappropriate approximately $23 million from the protocol's treasury. Ogle claims that during 2023 and 2024, the Across team initiated several votes under the guise of 'strategic investment' and 'retrospective funding,' proposing the transfer of a total of 150 million ACX to Risk Labs, a for-profit company established by the Across team. He alleges that the team used traceable addresses to manipulate the voting process in their favor.
Ogle further stated that he provided the Across team and Risk Labs ample opportunity to correct any inaccuracies or disclose the matter themselves, but they chose to remain silent, prompting him to publish the statement.#Misconduct #DAOVoting #AcrossProtocol #Glue #Ogle #Manipulation #Treasury #ACX #RiskLabs #Investment #Funding #Blockchain #Crypto
🚀 Across Protocol Considers Transition to U.S. C-Corporation
#AcrossProtocol #Ccorporation #DAO #ACXToken #USDC #Governance #Blockchain #Crypto #EnterpriseContracts #LegalCompliance
Across Protocol has initiated a proposal to transition from its current DAO and token structure to a U.S. C-corporation. According to NS3.AI, this move would allow ACX token holders six months to opt for either an equity exchange or a USDC buyout, contingent on the proposal's approval. The team plans to submit a formal governance proposal two weeks after gauging community sentiment, with the final decision resting on a majority vote. Across Protocol is exploring this change to provide enterprise partners with enforceable contracts and a clear legal counterparty.#AcrossProtocol #Ccorporation #DAO #ACXToken #USDC #Governance #Blockchain #Crypto #EnterpriseContracts #LegalCompliance
🚀 ACX Token Surges 70% Following DAO Dissolution Proposal
#ACX #DAO #Cryptocurrency #TokenSwap #USDC #Blockchain #AcrossProtocol #CryptoNews
Risk Labs has put forward a proposal to dissolve the DAO governing Across Protocol, offering ACX token holders a choice between a 1:1 equity swap or receiving USDC at a rate of $0.04375 per token. According to NS3.AI, the announcement led to a 70% increase in ACX's value, reaching $0.06. However, this proposal is currently a preliminary measure and will require a formal vote by the DAO members. If approved, a redemption window lasting six months is anticipated to commence within three months of the proposal's passage.#ACX #DAO #Cryptocurrency #TokenSwap #USDC #Blockchain #AcrossProtocol #CryptoNews
🚀 ACX Surges 93% Amid Across Protocol Transition
#ACX #AcrossProtocol #Crypto #Cryptocurrency #TokenPrice #CryptoNews #MarketSurge #Blockchain #CryptoTrading
ACX experienced a significant 93% increase in value over 24 hours, reaching $0.0644, influenced by news of Across Protocol's transition, analyst @ai_9684xtpa posted on X. This surge brings the price back to levels seen in November of last year. However, for the top holder, identified by the wallet address 0xDf53D43608c9546E103af98D95d12E1e4eB2A0D5, to break even, the price would need to increase by 5.66 times to $0.3655, which was nearly the peak value of the token. The actual cost incurred by this holder remains unknown. Currently, the 51.99 million tokens held, once valued at $19 million, have decreased in value to $3.41 million, highlighting the challenges of maintaining a strong holding position.#ACX #AcrossProtocol #Crypto #Cryptocurrency #TokenPrice #CryptoNews #MarketSurge #Blockchain #CryptoTrading
🚀 Risk Labs Proposes Transition to U.S. C Corporation
#RiskLabs #AcrossProtocol #Ccorporation #DAO #ACXtoken #USDC #tokenexchange #cryptonews #blockchain #businessopportunities #equityconversion #SPV #tokenholders #cryptocurrency #decentralizedfinance
Risk Labs, the development team behind Across Protocol, has proposed dissolving its existing DAO structure to transition the project into a U.S. C corporation. According to ChainCatcher, the team believes that the current token and DAO framework has hindered its ability to collaborate with institutional and corporate partners. Adopting a traditional corporate structure is expected to open new business opportunities.
Under the proposal, ACX token holders can choose to exchange their tokens for equity in the new company on a 1:1 basis or redeem them for USDC at a price of $0.04375 per token, which is a 25% premium over the 30-day average price. Holders with more than 5 million tokens can directly convert to equity, while smaller holders can participate through a special purpose vehicle (SPV).
Following the announcement, ACX surged 70% in a single day to reach $0.06. The redemption window is expected to open within three months after the proposal is approved and will remain open for six months. Co-founder Hart Lambur emphasized that the final decision requires approval through a DAO vote.#RiskLabs #AcrossProtocol #Ccorporation #DAO #ACXtoken #USDC #tokenexchange #cryptonews #blockchain #businessopportunities #equityconversion #SPV #tokenholders #cryptocurrency #decentralizedfinance
🚀 DeFi Swap Results in Significant Loss for User
#DeFi #Aave #Loss #DecentralizedFinance #NS3AI #AcrossProtocol #DAO #CCorporation #Governance #Security #Volatility #DeFiSecurity #DeFiRisks #MarketSetbacks #AAVE
A recent decentralized finance (DeFi) transaction involving Aave resulted in a substantial loss for the user, who swapped $50 million but received only $35,000 in return, marking a 99.93% loss. According to NS3.AI, this incident highlights the risks associated with DeFi transactions, where users can face significant financial setbacks due to market volatility and technical issues.
In other developments, Across Protocol has proposed replacing its decentralized autonomous organization (DAO) with a U.S. C-corporation structure. This move aims to enhance governance and operational efficiency, reflecting a trend among DeFi projects to explore traditional corporate frameworks for better regulatory compliance and management.
Additionally, several security incidents have impacted DeFi projects recently, underscoring the importance of robust security measures in the rapidly evolving DeFi landscape. These incidents serve as a reminder of the vulnerabilities that can exist within decentralized platforms, prompting ongoing efforts to strengthen security protocols and protect user assets.#DeFi #Aave #Loss #DecentralizedFinance #NS3AI #AcrossProtocol #DAO #CCorporation #Governance #Security #Volatility #DeFiSecurity #DeFiRisks #MarketSetbacks #AAVE
🚀 Across Protocol Proposes Transition to U.S. C Corporation
#AcrossProtocol #ACXtoken #Ccorporation #decentralizedautonomousorganization #tokentrading #ForesightNews #proposal #cryptonews #blockchain
Across has announced that a proposal for ACX token equity trading and acquisition is now available. According to Foresight News, the proposal seeks approval to transform the Across protocol from a token-based decentralized autonomous organization structure to a U.S. C corporation. ACX token holders have seven days to cast their votes on the proposal.#AcrossProtocol #ACXtoken #Ccorporation #decentralizedautonomousorganization #tokentrading #ForesightNews #proposal #cryptonews #blockchain