OKEx, Poloniex and HitBTC suspend operations with all ERC-20 tokens

Today, on April 25 cryptocurrency exchanges OKEx, Poloniex and HitBTC have suspended operations with all ERC-20 tokens due to the discovery of a new smart contract bug – «BatchOverFlow». On April 22 OKEx suspended BEC withdrawal and trading because of batchOverflow attack. By exploiting the bug, attackers can generate an extremely large amount of tokens, and deposit them into a normal address. This makes many of the ERC-20 tokens vulnerable to price manipulations of the attackers.

To protect public interest, exchanges have decided to suspend the operations with all ERC-20 tokens for performing internal audits.

Amid this news, blockchain-programmer Jameson Lopp urged smart contract developers “to think less like web developers and more like aerospace engineers”.

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