Odaily Frontline｜MITH Cash was released, and the token contract was exposed to have unlimited minting risks

According to Cryptoslate,Although the project contract is not audited, the Ethereum DeFi protocolMITH Cashaccording toaccording toMITH CashOfficially, it hit $1 billion in TVL 8.5 hours after launch.

People are so interested in this project because users can deposit stablecoins, other algorithmic stablecoins and DeFi tokens (such as SUSHI, YFI, AAVE, LINK, etc.) to get free Mithril Cash and farm annualized yield extremely high. Allegedly,The release of this project has had a great impact on the DeFi ecosystemsecondary title

What is Mithril Cash?

According to the official introduction,Mithril Cash (Mithril Cash) is a new type of algorithmic stablecoin, which is a branch of the Basis Cash stablecoin protocol. In token distribution, there is no distribution to the team or investors, only reward tokens are issued to the contributors of the project. This project was released at 02:00 UTC on December 30 (10:00 Beijing time).

According to officials, the Mithril Cash Protocol controls the supply of money, similar to how central banks control fiat currencies through monetary policy. By buying or selling bonds, they control the money supply in the economy to anchor its value. There are three tokens in the Mithril Cash protocol: Mithril Cash (MIC), Mithril Shares (MIS) and Mithril Bonds (MIB). Mithril Cash is a stablecoin whose value is anchored at $1; holders of Mithril shares provide liquidity and guide the agreement, and will receive tokens in return at the initial coin offering; and Mithril Cash and Mithril Bonds The role of MIC is to promote price circulation and guide MIC to rise to $1, so that the price of MIC will remain between $0.99 and $1.01 for a long time, making it a viable stable currency.

secondary title

The token contract was exposed to have unlimited minting risks, and the official has solved the problem

However, the Ethereum developer and co-founder of Tornado.CashRoman Semenov tweeted that, it appears that all MITH Cash tokens have an unverified owner contract that mints an unlimited number of tokens. Technically speaking, the operator address of the token is0x024976ed0e0e166f5f9f7e696f456798441352fe(the contract is the Treasury address), but it is fully controlled by its owner contract (0xc2395b979432d2c2125f357e46c4ec94baa6d35b) through the migration function. Now that the project boasts a total locked value of $1 billion, the contract should be verified as soon as possible to ensure there are no backdoors. To clarify, this should not affect other tokens locked in the farming pool, only their own cash/stock/bond tokens.

After MITH CashandandPublication of relevant operating certificates, the contract address has been verified, the Timelock (Timelock) contract (0xc2395b979432d2c2125f357e46c4ec94baa6d35b) prevents contracts from being migrated without any restrictions. Semenov confirmed that the issue has been resolved.