SlowMist, a Chinese cyber security firm has recently pointed out a transaction that should have some worried, as the user managed to double-spend the value of 694 USDT.
SlowMist: User
On Thursday, a blockchain centric cyber security firm, issued a Tweet which drew attention to a questionable USDT transaction.
According to the automated translation of the Tweet, the user was able to legitimately add USDT to the exchanges server, giving a guise of added funds. This vulnerability essentially allowed the user to be credited for USDT that wasn’t even sent to the exchange. It is unclear whether the exchange is affected, which remained unnamed, has made any actions to ammend the issue.
According to the information of the transaction in question, the exchange accepted a transaction that had invalid information, with the exchange marking the 694 USDT “false” transaction as valid.
Bug Is Only Pertinent to Vulnerable Exchange
SlowMist later clarified, in English, that the bug was with the unnamed exchange, not with tether in the whole.
OKEx
OKEx, one of the leading exchanges by volume, created a press release stating
“We are aware of the vulnerability with USDT deposits. And we can confirm that OKEx is not exposed to the vulnerability. Please rest assured that your assets are safe and secure with us.
Bittrex also confirmed that it was not affected by this bug, and that the processing of all Omni based assets, like tether, did not experience any difficulties.
It has become clear that this issue is only pertinent to exchanges who failed to properly integrate Omni assets, mostly smaller exchanges that have smaller technical teams.
What do you think of this USDT bug? Are your funds safe? Make sure to comment down below with what you think the exchanges should do.