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Wednesday, August 10, 2022

DeFi Industry Could Be Under A Threat Of Airdrop

The sobering fallout of the YEAR token has brought about an acrimonious ending to yearly growth for the DeFi industry. EtherWrapped, which is a project that has been designed to provide a yearly summary of users with NFT activity, was launched just a few hours ago to much fanfare within the community of crypto.

The website then went on to detail a plan to airdrop the tokens of YEAR based upon statistics of quantitative engagement in the MetaMask wallet of the users, or to put it in simpler terms, their number of transactions, which would also bring into account the gas fees and the volume that has been traded- among other data. 

Malicious Data Spelling The End For DeFi?

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After a thorough verification done on EtherScan, quite a number of well-regarded developers and experts in the engineering space went on to assess the coding laid upon this smart contract. Meows.eth has noted that these parties did see a function that was called _burnMechanism, but concluded that it could be a harmless error made by the seemingly amateur creator- but never realized that this could spell the end for DeFi.

Unbeknownst to all, the creator of this contract had maliciously put up this flaw to administer the revokeOwnership function soon thereafter- where it designated the ownership to themselves- subsequently creating a honeypot scenario where users would only buy, and not sell the asset that was being brought about in the DeFi blockchain. 

It must also be mentioned that this act of interaction with the contract or claiming that the token did not bring in losses- but rather the ensuing investments into the YEAR asset on DeFi exchanges. 

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