In Tether’s gold-based altcoin project behind USDT, the major US dollar-backed stablecoin, the vulnerability has been exposed. This development was recently noticed by a security firm. Here are the details…
Vulnerability alert for altcoin project
BlockSec, a renowned cryptocurrency security firm, recently uncovered a major vulnerability in the Tether Gold (XAUt) smart contract. This vulnerability had the potential to allow attackers to transfer XAUt tokens to a specific address without authorization. BlockSec immediately reported the situation to the Tether Gold team after identifying the issue through internal analysis. The security breach has since been resolved and patched.
The vulnerability was in the transferFrom function of the Tether Gold contract, which aims to make it easier for authorized users to transfer XAUt tokens between addresses. However, BlockSec discovered that this functionality could be manipulated by anyone and unauthorized transfer of tokens to a trusted recipient address defined by the token owner.
The vulnerability did not allow tokens to be stolen directly into the attacker’s account. But XAUt revealed the potential to manipulate token prices in liquidity pools for illicit gains. BlockSec emphasized that removing the vulnerability is a simple process that involves applying a “require” statement to verify the sender’s authority before performing any transfer.
What is Tether Gold (XAUt)?
cryptocoin.com As we have reported, Tether Gold (XAUt) is a cryptocurrency designed to be backed by physical gold. It is issued by Tether, a well-known cryptocurrency company. Each XAUt token is said to represent ownership of one ounce of gold stored in a designated vault. Tether Gold aims to combine the advantages of Blockchain technology with the stability and intrinsic value of gold, providing users with a crypto asset that is allegedly backed by a tangible gold reserve. It is often used as a means to diversify a portfolio, hedge against market volatility, and access the benefits of owning gold without the hassles of physical storage.
Tether claims to conduct regular audits to make sure its gold reserves match the number of tokens in circulation. Because Tether has committed to providing transparency regarding the gold backing of XAUt tokens. The company publishes reports of reputable third-party firms that conduct audits of gold reserves. These reports aim to provide token holders with assurance as to the authenticity and existence of the underlying gold.
Additionally, Tether Gold provides a means for investors to access the gold market without the need to own or store physical gold. It offers a digital representation of gold ownership that can be easily traded on supported cryptocurrency exchanges. This accessibility allows investors to diversify their portfolios and potentially hedge against market volatility. Tether Gold (XAUt) is an ERC-20 token, meaning it runs on the Ethereum Blockchain.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram And YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.