How to Protect Your Tokens When Using Popular Exchanges
Due to the amount of scam and phishing activity connected with crypto exchanges, users have become more and more suspicious about the available trading venues. The EToken2 may be the solution that users are looking for.
Crypto Exchange Suspends ERC-20 Token Deposits
Recently, a Chinese crypto exchange suspended the deposit of ERC-20 tokens after users discovered a bug that enabled attackers to generate a large amount of tokens and deposit them into a normal address. The bug, which was later called “BatchOverFlow”, made ERC-20 tokens vulnerable to price manipulations of the attackers.
By exploiting the bug, attackers can 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 – announced OKEx on April 25.
Overall, the bug affected about 12 different ERC20 tokens.
MyEtherWallet DNS Attacks
Another issue that a lot of the crypto owners have experienced recently was the attack on MyEtherWallet (MEW). According to the official statement, “a couple of Domain Name System registration servers were hijacked around 12PM UTC 24 April to redirect users to a phishing site.”
MEW users were redirected to the phishing website and prompted to enter their credentials. Those who complied, granted the scammers access their private information. As users’ data fell into fraudulent hands, their funds were lost. The estimated loss was between 216 – 520 Ether.
The MEW team stated that users should pay attention to SSL certificates when entering their website but offered no other solutions. Users who overlook this small (yet vital) detail may fall prey to similar attacks in future.
The solution offered by Orderbook is very simple: EToken2. The EToken2 is a smart contract that includes multiple of safeguards within its core logic that make it difficult to manipulate its activity when used on a trading platform.