Non-Custodial Bitcoin to Ethereum Bridge Shut Down After Two Days
The team behind tBTC, a decentralized Bitcoin-to-Ethereum bridge, pulled the plug on the system after a yet-undisclosed bug was discovered by software developers.
The team behind the tBTC project, an effort to bring Bitcoin (BTC) over to Ethereum (ETH) through decentralized custodians, shut down the bridge just two days after launching it.
The decision was disclosed on May 18 by Matt Luongo, the founder of Thesis, a company that backs tBTC through the Keep project. TBTC was launched on May 16 on the Ethereum mainnet, lasting only two days before a temporary shutdown option was executed by the team.
While the team did not specify the reason for shutting down the protocol, it appears likely that this was due to a smart contract bug found by Antonio Salazar Cardozo, Thesis’ head of engineering. Luongo specified that the contract was audited multiple times, but this seems to not have been enough. “Definitely glad we caught this early,” he concluded.
Luongo emphasized that tBTC “will rise again,” likely after the team redeploys the fixed smart contracts. Cointelegraph contacted the developers behind the project to learn more, but did not immediately receive a response.
The team behind the tBTC project, an effort to bring Bitcoin (BTC) over to Ethereum (ETH) through decentralized custodians, shut down the bridge just two days after launching it.
The decision was disclosed on May 18 by Matt Luongo, the founder of Thesis, a company that backs tBTC through the Keep project. TBTC was launched on May 16 on the Ethereum mainnet, lasting only two days before a temporary shutdown option was executed by the team.
While the team did not specify the reason for shutting down the protocol, it appears likely that this was due to a smart contract bug found by Antonio Salazar Cardozo, Thesis’ head of engineering. Luongo specified that the contract was audited multiple times, but this seems to not have been enough. “Definitely glad we caught this early,” he concluded.
Luongo emphasized that tBTC “will rise again,” likely after the team redeploys the fixed smart contracts. Cointelegraph contacted the developers behind the project to learn more, but did not immediately receive a response.
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