Established earlier this year, blockchain developer studio Thesis shut its cryptocurrency platform down as soon as it opened. The firm cited a bug, but didn’t elaborate.
Although, for now, it’s only counted as a pause on deposits in the said platform.
tBTC is a blockchain platform that puts Bitcoin on Ethereum so the former can be used for decentralized finance. Thesis is currently helping users withdraw their deposited BTC as they look for a solution for the bug.
According to the system’s lead, CEO Matt Luongo, two contributors caught an issue while other community members were putting new BTC into the contract last weekend. He thanked the users’ engagement to the platform for immediately alerting his staff, because this led to keeping all funds safe from the bug.
The firm’s priority lies on security enhancement before Luongo is set to announce a timeline to re-deploy the platform. In the meantime, Trail of Bits is conducting a new audit, while another auditor will be enlisted.
Moreover, the blockchain firm established a bug bounty that increased tenfold.
Plans for tBTC
Luongo first announced the pause on late Monday after it went live for two days. The two members who noticed the issue first were one member of the Thesis team, and then a verification from Summa’s James Prestwich.
According to Luongo’s recent Twitter post, the repairs wouldn’t take over 1 to 2 days. The system is still young, so most minters are active community members.
The firm already fixed the issue last night, but the firm doesn’t plan on reopening its blockchain until all funds are given back.
Thesis took down the tBTC app to stop users from trying to access their smart contracts. For now, users have minted 7 tBTC minted with a max of 11 BTC.
As per its security model described in its documentation, users can pause new deposits for one time for 10 days.