'Bitcoin on Ethereum' tBTC Shut Down After 2 Days Due to Bug
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'Bitcoin on Ethereum' tBTC Shut Down After 2 Days Due to Bug

By Abhimanyu Krishnan | News | 19 May 2020


Blockchain company Thesis, which is building a platform that brings Bitcoin to Ethereum for the DeFi space, has suspended its tBTC protocol after a bug was discovered, founder and CEO Matt Luongo announced on Twitter. Deposits will be paused for 10 days.

Luongo also said that Keep, a dapp associated with Thesis, had been taken down. The company is now working on helping users recover their funds via Discord, which is almost complete. This should take a few days, and the code has already been fixed, but Thesis is waiting for users to receive all of their funds. Keep also explained the issue in greater detail, saying that there was little risk to depositors’ funds. 

Launched only 3 days ago on May 16, Thesis now wants to ensure security is infallible before restarting the network. It has also increased its bug bounty and begun new audits. 

Speaking to CoinDesk via a spokesperson, Luongo said that some BTC had been added before testing concluded,

While the tBTC dapp was being tested over the weekend in its alpha version, a couple of community members put a few BTC into the contract before testing had concluded. Meanwhile, an issue in the dapp that was missed by our security audit was found by two of our contributors, and we decided to pause deposits for now to ensure the safety of funds.

Thesis had been integrated with Compound, Kyber Network (KNC), Uniswap and Loopring (LRC), and any app that uses ERC-20 token could integrate tBTC. The project is being contributed to by Keep, Summa and the Cross-Chain Group, which are providing various solutions for tBTC.


Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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