New problems for Fulcrum
New problems for Fulcrum
Defi

New problems for Fulcrum

By Alfredo de Candia - 14 Sep 2020

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Unfortunately yesterday the team of the Fulcrum project reported that they had the same problem several months ago with several iTokens, which forced the team to pause the protocol.

Fortunately, funds are not at risk, even if the duplication of tokens has caused the debt to accumulate through the insurance fund.

It seems that the liquidity problem has been mitigated, as the system was designed to overcome this type of bug.

In practice, the “_from and _to” function was also used to invoke the “_internalTransferFrom” function so that users could open a new function and artificially increase their balance.

A patch that changes the order of the functions was applied to this problem, and so the “_To” function is placed after the ” _from” function is executed.

The change to the smart contact has received approval from both Peckshield and Certik’s team, so these are secure fixes.

On the other hand, the debts that have formed have been added to the insurance fund, to be precise:

 Over 219 thousand LINK;

– Over 4,500 ETH

– Over 1.7 million USDT;

– Over 1.4 million USD;

– 667 thousand DAI.

Fulcrum, DeFi and various problems

As the Fulcrum team pointed out, even though several audits were carried out by different companies, this did not prevent the discovery of another bug in the code, which could have caused the project to fail.

The problem has therefore been solved, but the mistrust of users in using the Fulcrum protocol remains, as it doesn’t seem so secure.

DeFi, being a very new sector, is facing several bug-related problems every day, which in some cases make users lose thousands of dollars. For instance, the case of Chick Finance

And it is precisely because of cases like these that Messari’s founder has declared that the DeFi bubble is ready to burst.

Alfredo de Candia
Alfredo de Candia

Android developer for over 8 years with a dozen of developed apps, Alfredo at age 21 has climbed Mount Fuji following the saying: "He who climbs Mount Fuji once in his life is a wise man, who climbs him twice is a Crazy". Among his app we find a Japanese database, a spam and virus database, the most complete database on Anime and Manga series birthdays and a shitcoin database. Sunday Miner, Alfredo has a passion for crypto and is a fan of EOS.

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