Thesis suspends deposits just after public launch of tBTC

Credit: Pixabay – Eivind Pedersen

Only 48 hours after its launch and following a bug, the platform tBTC edited by the startup Thesis suspended deposits.

Unveiled last April, the project tBTC of Thesis aims to bring Bitcoin on the network Ethereum to facilitate its use in DeFi applications (Decentralized Finance).

On Twitter, Matt Luongo, the director of Thesis, has explained one bug, the details of which have not been released, forced the company to pause tBTC.

The tBTC lasted two days on the main network. Alas, he was born before time. We pulled the red lever, interrupting deposits for the next 10 days and helping users to drain funds. We will post a full post-mortem once confirmed … and we will get back on our feet, ”he added.

Sure Coindesk, Luongo clarified that a problem in DApp had been discovered by two contributors and that the suspension of deposits was intended to ensure the security of the funds.

Via a tweet posted last night by Luongo, we learn that 99.57% of the TBTC offer is now stored in a portfolio controlled by Thesis.

The security model of tBTC allows Thesis to perform certain actions with its smart contract key. Among these, the young shoot can for example suspend new deposits for 10 days, but the latter can only be done once.

At a recent funding round, Thesis collected $ 7.7 million by selling his tokens keep to several large investors in the crypto ecosystem such as Paradigm, Collaborative Fund and Fenbushi Capital.