Ethena vulnerabilities
A blockchain expert going by the name Tardfiwhale predicted the demise of Luna and UST. Now, they have warned about major problems with Ethena, a new blockchain-based synthetic dollar stablecoin system. Since Ethena doesn’t have a bug bounty program, Tardfiwhale is asking for money from certain groups before sharing these supposed security holes.
Ethena Has “Critical Flaws”
A pseudonymous Blockchain Sleuth says that people in the blockchain field are looking closely at Ethena’s decentralized system. A fake blockchain detective named Tardfiwhale is said to have found “critical flaws” in the system that supports Ethena. Ethena has already released more than $1.5 billion worth of USDE, a fake dollar stablecoin.
Since March 15, Tardfiwhale has been warning users about alleged flaws in the protocol that will cause them to “lose a lot of money” because of how the system works now. Before, the detective correctly predicted that LUNA and UST would fail and warned of possible bank runs involving the OHM platform.
Still, Tardfiwhale won’t tell you where these problems come from for free. He wants you to donate money to pay third parties after these flaws are found and shown to exist. The first thing he did was ask for gifts of $500,000. Half of the money would go to Protocol Guild, a group of Ethereum developers. The other half would be split between Zachxbt, who is also a crypto researcher, and the legal defence of the developers of Tornado Cash, who are being charged with money laundering.
He raised the reward to $1 million on March 18 and kept the same percentages for the people who would receive the money. Tardfiwhale said this had something to do with Maker and Mantle being involved in Ethena vulnerabilities. These are processes that will put hundreds of millions of dollars into Ethena.
He explained why he gave these donations to outside causes before telling everyone about the problems he found in Ethena. Let me give something back. After all the trouble with UST, FTX, Celsius, etc., it would be sad to see USDE cause more trouble. He made it clear that sharing these flaws would not help him and that all he wanted to do was keep the crypto community from experiencing another terrible event.
Ethena is about to give away 750 million ENA, which is its governance token, and it just recently announced a plan to use Bitcoin as a backing asset.
