More testing is underway before validators are recommended to coordinate a restart.įull bug report and action plan for more thorough and proper end to end testing of chain upgrades to follow in coming days. Update: The bug has been identified and a patch written. This calls for more thorough and proper end-to-end testing of chain upgrades. There’s also talk of an action plan for the coming days. They also start to work on a full bug report. Now they start testing before validators can start up their nodes again. Liquidity pools were NOT "completely drained".ĭevs are fixing the bug, scoping the size of losses (likely in the range of ~$5M), and working on recovery.Īnother two hours later, a new tweet mentioned that they identified the bug. This tweet came around two hours after the Junønaut tweet. The size of the losses is around $5 million. However, there is a bug and the devs are in damage control mode. The first thing Osmosis mentions in a tweet is that the bug did not drain all pools. So, this puts the ball in the hands of the Osmosis team. By doing so, Osmosis can save the remaining liquidity on the DEX. No bonding needed.Īfter the v9.0 update installed on June 8, 2022, validators started to mention issues. ![]() Remove liquidity from the pool, allowing 50% extra.To take advantage of this bug and exploit it, you only needed to follow three simple steps. Here’s a sample of one wallet that repeatedly joined a pool and exited. That is, until they started to try it out.Īs a result, some users started to exploit this bug. However, he received a lot of flak, since initially nobody seemed to believe him. He claims that you can add liquidity to any pool and gain an extra 50% when you remove it. Reddit user Straight Hat was the first to report this. (Find out more about Osmosis in our previous article.) He got his information from the Osmosis and Cosmos Reddit subreddits. To clarify, Junø is a DEX in the Cosmos ecosystem. He calls himself a crusader of the Juno Network. The chain was halted under immediate emergency to avoid further damage.Ĭrypto Twitter user Junønaut mentioned this bug first in a thread. It has been discovered after a post on the subreddits /r/CosmosNetwork and /r/OsmosisLab. So, let’s have a look at how all this played out.Ī critical bug has been found on $OSMO / which could have potentially drained all liquidity pools. The Osmosis team took swift action and started damage control. Thus, avoiding further damage.Ĭrypto Twitter was on the lookout. As a result, the Osmosis team halted the chain. This bug could potentially drain all liquidity pools. As it turns out, it contained a critical bug. ![]() On June 8, 2022, the Osmosis v9.0 update went live.
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