The cause of the fall of the altcoins!!!

Mi5h0

sr. member

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Quote from: witch on April 25, 2018, 02:43:25 PM

Quote from: vindesel on April 25, 2018, 10:53:23 AM

It's a bad news and I think that may be the reason for the decline in altcoin prices today. News about hacked MyEtherwallet also has a big effect on altcoin volume today, hopefully this issue can be resolved soon

This is kown bug since many days. In my opinion this is pure fud.

I can not really understand it, because all big and famous erc tokens are not affected.

Exactly! I'm sure that there is only a handful of low value tokens with that invalid function. Developers of these token will probably need to change their smart contract and do a token swap.

witch

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Activity: 616

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Quote from: vindesel on April 25, 2018, 10:53:23 AM

It's a bad news and I think that may be the reason for the decline in altcoin prices today. News about hacked MyEtherwallet also has a big effect on altcoin volume today, hopefully this issue can be resolved soon

This is kown bug since many days. In my opinion this is pure fud.

I can not really understand it, because all big and famous erc tokens are not affected.

Slugmonkey

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Activity: 232

Merit: 100

The reason of fall in price of alts is because USA was winding up its taxation process. The second quarter is bullish as it's evident in the price of bitcoin and other crypto currencies. So, relax and invest in ETH and BTC, bitcoin for short term and ethereum for medium term. Now since taxation is over, there will be inflow of dollar in the crypto market which will only increase during this month. So there are very good chances of gains this quarter. I personally have $1000 invested in ETH.

Kate Beckett

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I'm sure that the decrease in the price of altcoins over the past 24 hours is due to the correction of the bitcoin rate. As we know, all the crypto-currencies are "subordinated" to bitcoin and feel any fluctuations - both up and down. The price of bitcoin fell today, it was caused by a large sale of the crypto currency. People saw that Bitcoin rose above the psychological mark of $9000 and began selling their savings. The bitcoin course fell and pulled the remaining coins.

prashanta

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it all depends on what is going on with stated coin. Altcoins USD or EUR price is determined from the BTC rate of the coin. So when BTC drops in cost, the altcoins are going to drop in USD or EUR fee aswell.. when you are buying and selling btc for alts its very essential to examine the BTC fee for the altcoin,, the USD cost of the coin can drop but that doesnt mean the BTC value of coin drops aswell.

ssuchy

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Merit: 100

Quote from: cryptocurrencyguru on April 25, 2018, 11:52:39 AM

ERC20 coins faced huge dump in the market we can expect market to bounce market after this tragic news

Do you think that this will have a very bad effect on the market? Vedmezha unambiguously removed, please, perhaps not so fast, but nevertheless, the market recovery was to occur.

Guryon_master

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Activity: 384

Merit: 12

Student Coin

I was lucky because I made an attempt yesterday to withdraw my token but before that I go to the telegram group of the exchange and read this bad news.
Great learning: always check the announcement of eth twitter and facebook and also any sources of news about crypto before opening your eth Wallet, this will help to save you from hijacker.

cryptocurrencyguru

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Merit: 11

ERC20 coins faced huge dump in the market we can expect market to bounce market after this tragic news

itod

legendary

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Honey badger just does not care

But, but... this can not be Vitalik's fault!

ROFL

This whole "Turing complete" scripting stack in Ethereum is a joke. I'm amazed there still is no testing framework which can validate ERC-20 smart contract, and billions of dollars are committed to this amateur hour playground.

krauzzer02

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Merit: 101

Quote from: tdeannova on April 25, 2018, 11:17:48 AM

I am also confused and very worried about this problem, why it should happen when the market is moving up. My feelings ask, is this accident deliberately done?

Nothing was done accidentally here though we may consider the bug thing it is just a single ERC20 exchange, it may affect the price of the altcoins but the thing is bitcoin is also affected by the price decline, the incidents occur at the same time like the banning ads last month, Phising schemes last day was one of the reasons why it is declining, people tend to respond with hesitation that it is not fully secure triggering them to sell or secure their cryptos by converting to fiat when the fact that their own browser was telling them it is a fake and unsecured website with a red warning, added by the market correction due to the price surge, always happening in the crypto so don't panic.

BillCoin

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Quote from: Marcus Kohen on April 25, 2018, 10:38:28 AM

If you remember, yesterday Ethereum wallet MyEtherWallet was hacked and bad news for tokens didn't end there. Some exchanges suspended work with ERC-20 tokens after they found a serious error there.OKEx exchange reported that due to this error, it is possible to generate any volumes of tokens, and then transfer them to the addresses of wallets. Because of this, it can be influenced by a hacker. In the end, OKEx decided to temporarily suspend transactions in tokens, as long as the error is not corrected. Also, the exchange sent a message to market participants about the situation, and recommends to check their smart contracts.
https://twitter.com/WhalePanda/status/989109513843290112/photo/1?ref_src=twsrc%5Etfw&ref_url=http%3A%2F%2Ftelegra.ph%2Fembed%2Ftwitter%3Furl%3Dhttps%253A%252F%252Ftwitter.com%252FWhalePanda%252Fstatus%252F989109513843290112

On the exchange Huobi has been created transaction for $880 trillion. in. ERC-20 tokens. After that, the exchange blocks all transactions with cryptocurrency. The ETH-USD pair is still collapsing - so far it has fallen by 13%, but it is clearly not the limit if several more exchanges suspend trading.

[/URL][/img]

The biggest risk was for the exchanges operators who uses MyEtherWallet to send and receive requests, so they could end up losing their funds even without actually storing funds in a mew wallet as mew operators could hack them from the API requests, also mew could fake deposits into exchanges, and actually getting credited in the exchange and then use the funds to pump coins or actually exchange and withdraw real tokens.

ZBer_Cut

newbie

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In a blog post, the exchange confirmed that the bug, called BatchOverFlow, was allowing malicious parties to “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,” they warn.

“To protect public interest, we have decided to suspend the deposits of all ERC-20 tokens until the bug is fixed.”

https://cdn-images-1.medium.com/max/1250/0*iOV7aC5KvTOvIX_7.png

BestSSS

jr. member

Activity: 434

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Quote from: Marcus Kohen on April 25, 2018, 10:38:28 AM

If you remember, yesterday Ethereum wallet MyEtherWallet was hacked and bad news for tokens didn't end there. Some exchanges suspended work with ERC-20 tokens after they found a serious error there.OKEx exchange reported that due to this error, it is possible to generate any volumes of tokens, and then transfer them to the addresses of wallets. Because of this, it can be influenced by a hacker. In the end, OKEx decided to temporarily suspend transactions in tokens, as long as the error is not corrected. Also, the exchange sent a message to market participants about the situation, and recommends to check their smart contracts.
https://twitter.com/WhalePanda/status/989109513843290112/photo/1?ref_src=twsrc%5Etfw&ref_url=http%3A%2F%2Ftelegra.ph%2Fembed%2Ftwitter%3Furl%3Dhttps%253A%252F%252Ftwitter.com%252FWhalePanda%252Fstatus%252F989109513843290112

On the exchange Huobi has been created transaction for $880 trillion. in. ERC-20 tokens. After that, the exchange blocks all transactions with cryptocurrency. The ETH-USD pair is still collapsing - so far it has fallen by 13%, but it is clearly not the limit if several more exchanges suspend trading.

It is clear that such a correction has arisen not just because one reason is not enough here. As you remember 2 weeks ago, the price of bitcoin was $ 7000 and its capitalization is 45%, for the last 2 weeks the market has consistently gone up to white stops and it is logical that the correction was asking. Yes, then, as the order came out news with a purse broadcast and the market collapsed. I think this for 2-3 days altkoiny again ask for less bitkoina and then powerfully break out ahead. Such a picture we observe constantly is the law of the market and it is inevitable.

tdeannova

full member

Activity: 504

Merit: 102

I am also confused and very worried about this problem, why it should happen when the market is moving up. My feelings ask, is this accident deliberately done?

Ayuluv2001

jr. member

Activity: 196

Merit: 1

Yeah that is the root cause of most ER20 coins dropping. However it should not be a cause that results that ER20 coins are failures.
Things do happen. They are still one of the most widely accepted / created coins and tokens after all. Maybe in utility too.

Nevertheless, its also right to go for other type of coins like NEO and such to diversify. Nothing wrong with that

Lilandra2006

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Merit: 10

So that's what caused the sharp drop in all the crypto currency. Not only Ethereum but Bitcoin, ripple, and all the others, too, are falling. All but the EOS, he will be blessed like.

Torrenth

newbie

Activity: 196

Merit: 0

Quote from: Marcus Kohen on April 25, 2018, 10:38:28 AM

If you remember, yesterday Ethereum wallet MyEtherWallet was hacked and bad news for tokens didn't end there. Some exchanges suspended work with ERC-20 tokens after they found a serious error there.OKEx exchange reported that due to this error, it is possible to generate any volumes of tokens, and then transfer them to the addresses of wallets. Because of this, it can be influenced by a hacker. In the end, OKEx decided to temporarily suspend transactions in tokens, as long as the error is not corrected. Also, the exchange sent a message to market participants about the situation, and recommends to check their smart contracts.
https://twitter.com/WhalePanda/status/989109513843290112/photo/1?ref_src=twsrc%5Etfw&ref_url=http%3A%2F%2Ftelegra.ph%2Fembed%2Ftwitter%3Furl%3Dhttps%253A%252F%252Ftwitter.com%252FWhalePanda%252Fstatus%252F989109513843290112

On the exchange Huobi has been created transaction for $880 trillion. in. ERC-20 tokens. After that, the exchange blocks all transactions with cryptocurrency. The ETH-USD pair is still collapsing - so far it has fallen by 13%, but it is clearly not the limit if several more exchanges suspend trading.

http://i104.fastpic.ru/big/2018/0425/59/6decae387355be7dbc262428bda19b59.png
http://i104.fastpic.ru/big/2018/0425/ac/f38e3110f3d68c6f1b5bdf2d4bbe06ac.jpg

I guess everyone does not need to panic with this news, there may be a handful of people who want to destroy altcoin, because now there is a lot of negative news about altcoin.

Psynthax

hero member

Activity: 2366

Merit: 504

Quote from: Marcus Kohen on April 25, 2018, 10:38:28 AM

If you remember, yesterday Ethereum wallet MyEtherWallet was hacked and bad news for tokens didn't end there. Some exchanges suspended work with ERC-20 tokens after they found a serious error there.OKEx exchange reported that due to this error, it is possible to generate any volumes of tokens, and then transfer them to the addresses of wallets. Because of this, it can be influenced by a hacker. In the end, OKEx decided to temporarily suspend transactions in tokens, as long as the error is not corrected. Also, the exchange sent a message to market participants about the situation, and recommends to check their smart contracts.
https://twitter.com/WhalePanda/status/989109513843290112/photo/1?ref_src=twsrc%5Etfw&ref_url=http%3A%2F%2Ftelegra.ph%2Fembed%2Ftwitter%3Furl%3Dhttps%253A%252F%252Ftwitter.com%252FWhalePanda%252Fstatus%252F989109513843290112

On the exchange Huobi has been created transaction for $880 trillion. in. ERC-20 tokens. After that, the exchange blocks all transactions with cryptocurrency. The ETH-USD pair is still collapsing - so far it has fallen by 13%, but it is clearly not the limit if several more exchanges suspend trading.

[/URL][/img]

I've seen that news but I can't find anything that related to the bug discovered through some reddit discussions.

It looks like it must have needed to make a clarification about what already happened with it. Okex already suspended erc20 deposit but it will be resumed again when the problem will be resolved.

bigdude

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Dolphins Finance TRUSTED FINANCE

this is big problem as almost ico using erc20 technology so we can easy understand about this fear.
in my opinion good time to switch to Bitcoin or Stellar, NEO to protect your value
some exchanges such as OKex, Hitbtc, Livecoin has been stop trading ERC20 tokens till now.
Hope it will solve ASAP

vindesel

newbie

Activity: 238

Merit: 0

It's a bad news and I think that may be the reason for the decline in altcoin prices today. News about hacked MyEtherwallet also has a big effect on altcoin volume today, hopefully this issue can be resolved soon

Topic: The cause of the fall of the altcoins!!! (Read 220 times)