DeFi News Today TheBitTimes.com

The “fake deposit” attack enables bad actors to execute a transfer where the requested value is larger than what the user actually owns. Ethereum staking protocol Lido Finance has assured both Lido DAO (LDO) and staked-Ether (stETH) tokens remain safe despite hackers allegedly exploiting a known security flaw in LDO’s token contract. Lido didn’t confirm any exploits, but acknowledged the security flaw was known and reassured LDO and stETH funds remain safe in response to a Sept. 10 post by blockchain security firm SlowMist. SlowMist said LDO’s flawed token contract allows bad actors to facilitate “fake deposit” attacks on exchanges because LDO’s token contract enables users to execute transactions even where they don’t have sufficient funds. This code deviates from the Ethereum Request for Comment 20 (ERC-20) token standard, according to SlowMist. However, Lido Finance argued the flaw is built into all ERC-20 tokens — not just Lido’s LDO token: This behaviour is expected and conf...

A proposal to unify branding between the Mantle network and BitDAO passed with overwhelming support. The BIT token will soon undergo a branding transformation to become Mantle, a measure approved through a high majority vote on May 19 on a proposal to optimize the token ahead of the launch of a new layer-two mainnet.  As Cointelegraph reported on May 12, the BIP-21 proposal sought to unify the BitDAO ecosystem under a “One brand , One token ” principle. Now that it’s passed, with a reported votes tally of 235 million BIT voting yes and 988 BIT voting no, the BIT token will eventually become MANTLE. As per an AMA cited in a Mantle blog post: “Many people were anticipating a separate gas token and didn’t understand that the utility of $BIT was growing. With the changes, Mantle will act as the common binding thread across the ecosystem.” While no specific date for conversion has been given, the blog post states that the conversion will occur before the implementation of the Mantle lay...