A crypto developer is pleading for assist and providing a bounty price hundreds of thousands after unintentionally sending $25 million of Renzo tokens to the unsuitable Ethereum tackle.
The dev despatched 7,912 ezETH, a sort of liquid restaking token price over $3,400 apiece, to what’s referred to as a Protected Module as an alternative of a Protected. With funds now frozen, the developer is providing 10% — a $2.5 million reward — to anybody who can retrieve his funds.
The tokens went to an Ethereum contract tackle labeled ‘CoboSafeAccount.’ Regardless of having keys to that pockets, the dev’s explicit token sort and a bug in ERC-20 transaction dealing with prohibit restoration. That CoboSafeAccount now holds about $27 million in Renzo Restaked ETH (ezETH) — barely increased than his preliminary deposit attributable to Monday’s rally within the value of ether (ETH).
Renzo is a liquid restaking protocol that interoperates with EigenLayer, a layer 2 on Ethereum. It permits customers to realize entry to Ethereum’s proof-of-stake yield by merely proudly owning ezETH somewhat than truly staking ETH as a solo staker.
Renzo at the moment boasts $1.6 billion in complete restaking worth on its platform.
A bug in ERC-20 transaction dealing with?
A hacker who goes by “Dexaran” commented on the $27 million in frozen ezETH, saying the issue is a safety concern with ERC-20 contracts that Ethereum builders have failed to repair since 2017. Particularly, Dexaran says ERC-20 switch capabilities lack correct dealing with protocols.
It additionally lacks failsafe defaults and error-handling protocols that will have prevented errors just like the one dedicated by the CoboSafeAccount proprietor.
Dexaran says he developed the ERC-223 commonplace, which provides allegedly superior transaction dealing with. He additionally engaged with Ethereum builders about ERC-223 with restricted success.
The CoboSafeAccount proprietor confirmed that the contract had no switch operate.
Learn extra: Ethereum centralization is changing into a major problem
Will a bounty carry Renzo to the rescue?
At this level, in line with many feedback on X, Renzo’s personal builders are in all probability the one means for the beleaguered dev to recuperate his $27 million. Renzo, as proprietor of the ezETH contract, might replace the contract to permit funds to be retrieved. Nevertheless, that will require gaining the cooperation of devs answerable for a billion-dollar protocol.
Some commenters urged providing Renzo the bounty whereas others supplied to barter with Renzo or advisable placing social strain on the crew.
Some additionally urged that the CoboSafeAccount proprietor might add himself as a delegate and use execTransaction to get the funds out if he controls the contract. That methodology doesn’t but appear profitable.
The decision of the difficulty remains to be pending. Renzo may resolve to replace their contract to offer this developer a workaround to the bug in ERC-20 transaction dealing with. Nevertheless, it’s equally probably that the funds will likely be caught perpetually.
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