Pera Finance Uncovers Vulnerability in Over 100 Blockchain Projects
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Pera Finance Uncovers Vulnerability in Over 100 Blockchain Projects

June 8, 2021      Jafrin Ahmed

Blockchain firm Pera Finance has uncovered a vital vulnerability in more than 100 projects including the much-hyped digital asset SafeMoon.

Pera Finance Uncovers Bug Vulnerability in Over 100 Projects

In a recently published medium article, Pera Finance has unveiled a critical vulnerability in over 100 blockchain projects while highlighting on a gasless holder yield feature created by Reflect Finance (RFI) where users are able to earn yields by holding their tokens without staking them.

Garnering a lot of attention, the RFI smart contract was later forked in more than a hundred projects.

However, these projects forked the gasless holder yield smart contract while also forking the holder yield bug as well wherein contract owner has the power to exploit the bug and cause a huge loss in user’s funds:

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“The accounts included by the contract owner siphons off the tokens out of the balances of all accounts that are currently holders.”

This is a wake-up call for crypto enthusiasts to be very attentive when allocating their funds to newer tokens.

PERA Token Smart Contract Can Fix This

With more than 3 million token holders at risk, Pera Finance published a solution using the PERA Token smart contract where the token includes the similar gasless yield feature.

However, the integration of the frictionless yield feature into the PERA Token smart contract already includes a code that fixes this vulnerability, adding:

“During the development of PERA Token, we noticed the bug in the smart contract of RFI and other projects that forked this structure. After finding the cause of the bug, we integrated the frictionless yield feature into the PERA smart contract as it should be.”

The team also provided a list of projects that have the similar bug in their smart contracts such as FEG Token BSC, Pig Finance, SafeMoonCash, Kishu Inu, CateCoin including the much hyped-digital asset SafeMoon.

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SafeMoon is a BEP-20 token launched on the Binance Smart Chain (BSC) ecosystem on March 8, 2021 that fixes on the problem of cryptocurrency’ price volatility by discouraging day trading while rewarding long-term holders.

#PERA #Pera Finance #Reflect Finance #SafeMoon
Jafrin Ahmed
Jafrin Ahmed

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.