Trader loses over $1m due to 0L Network hard fork

Bitcoin and Cryptocurrency Theft: A Trader’s Tale

A trader faced a devastating loss of over a million dollars in cryptocurrency due to a hard fork in the 0L network. Known as NN, this unfortunate individual shared their story on social media, revealing the community’s discontent with the network’s decision.

The Controversial 0L Network and Its Hard Fork

The 0L Network was initially established to reward active participants in project development. However, a hard fork initiated by the team behind @0LNetwork ( $LIBRA ) led to significant repercussions. This fork not only eliminated 4% of the total supply but also affected innocent individuals who owned tokens prior to the fork.

The Consequences of a Smart Contract Bug

Amidst allegations of a bug in the smart contract allowing insiders to exploit the system, the latest version of 0L Network, v7, remains vulnerable. Rather than addressing the loophole directly, the team opted to fork out wallets they deemed problematic. This decision had unforeseen consequences, impacting wallets like NN’s, despite their efforts to diversify token purchases among different validators.

Best Exchanges

Sign up now to enjoy a 20% discount on trading fees.

Join millions of traders worldwide on the platform trusted for its security, innovation, and global reach. Don't miss out, register today and start trading smarter with Bybit!

Sign up now to enjoy a 20% discount on trading fees.

Join millions of traders worldwide on the platform trusted for its security, innovation, and global reach. Don't miss out, register today and start trading smarter with Binance!

Sign up now to enjoy a 10% - 30% discount on trading fees.

Join millions of traders worldwide on the platform trusted for its security, innovation, and global reach. Don't miss out, register today and start trading smarter with OKX!

© Copyright 2023 | Powered by Inscoin