In the early morning of April 25th, the SmartMesh Team discovered an “Ethereum smart contract overflow vulnerability” and immediately contacted the major exchanges where SMT is listed such as Huobi, Gate, OKEX, CEX, etc. They have suspended SMT trades and transfers, and the loopholes have been repaired.
The official team is now dealing with the situation which is currently as follows:
The statistics regarding the incident are as follows:
1. The total number of “counterfeit tokens” generated by the ETH smart contract vulnerability: 65,133,050,195,990,400,000,000,000,000,000,000,000,000,000,000.891004451135422463
2. Total number of “counterfeit tokens” transferred from the hacker address to the exchanges: 65,300,289
3. The total number of “counterfeit tokens” traded on the exchange: about 16,638,887
Among all the counterfeit tokens transferred from hacking addresses transferred to exchanges, the counterfeit untraded tokens have been completely frozen by the exchanges.
“Counterfeit money” destruction.
The SmartMesh Foundation will take the equivalent amount of SMT to the counterfeit amount and destroy it to make up for the losses caused, and keep the total supply of SMT at the value of 3,141,592,653.
Reopening exchange trade
The SmartMesh team has already communicated and coordinated with several exchanges including Huobi and OKEX and conducted in-depth communications with them regarding the specific timing for re-opening SMT transactions and other related measures. The team initially has reached agreement with a number of exchanges, and will jointly work together to resolve losses caused by this loophole, and make every effort to maintain the interests of the community and the value of SMT.
Reopening exchange currency
We will determine the recovery time to re-enable SMT’s currency functions on various exchanges based on the following factors:
1. Investigate all abnormal accounts related to this “Ethereum smart contract overflow vulnerability”
2. The time it takes to destroy the redundant SMT generated
3. The time it takes the exchanges to complete ERC-20 audits
After the above items are processed, the exchange currency functionality will resume quickly.
The above information has been published by SmartMesh Foundation Pte. Ltd. and interpretation of the above announcement is reserved to be the right of the Foundation as well. SmartMesh Foundation Pte. Ltd. has not commissioned any other third party to publish information related to this incident on its behalf.
The SmartMesh Team would like to apologize to all community users and partners for the “Ethereum Smart Contract Overflow Vulnerability” incident and thank you all for your concern and continued support!
In addition, SmartMesh would like to thank Huobi, OKEx, Gate, CEX, and the other exchanges for their great support and assistance in resolving this incident!
SmartMesh will continue to make every effort to completely resolve this issue and progress with the rest of the project into a successful and prosperous future.
