#Write2Earn Miner token crashes 88% due to a smart contract glitch, sparking debate on the risks of experimental ERC-X standard in blockchain innovation.STORY HIGHLIGHTSMiner token's value plunges 87% due to a doubling glitch in smart contracts.ERC-X standard's debut marred by security flaws, sparking industry debate.Miner's recovery efforts include a comprehensive audit and 130 $ETH in liquidity.Adisruptive event occurred in the digital currency environment as Miner, a token that was created under the experimental ERC-X standard, lost 88% of its value in a few hours. This crash happened right after a panic sell-off due to a bug in its smart contract that enabled users to double their tokens by sending the Miner tokens to themselves.According to the most recent reports, the token price of each Miner is $5.67, significantly down from its earlier valuation.MINER/USD price chartMarket Chaos Due to Smart Contract MalfunctionThe chaos of the #miner token was ascribed to a glitch in its smart contract system. The developers found that users could exploit this flaw and in fact, could double their token balances by sending Miner tokens to their wallet. This disclosure elicited a quick reaction from the development team who outlined their intention to work on the problem. 1/ Our analysis of the exploit 👇Based on our analysis the _update function was exploited.The root cause is if you transferred tokens to yourself then your balance would be doubled as the contract used the cached value toBalance.https://t.co/6dXniOIGNU pic.twitter.com/KfyScdwnuF— Miner (@minerercx) February 14, 2024They promised stakeholders that the smart contract would have an exhaustive audit before being re-deployed. As a means to reduce the aftermath, about 130 ETH, almost the same quantity as the token’s saved liquidity has been allocated to #liquidity provider purposes awaiting the token’s redeployment.ERC-X: A Fusion of Innovation and CautionThe inception of ERC-X is a major leap in the development of Ethereum token standards, combining features from #ERC-20 , ERC-721, as well as the revolutionary ERC-404 standards. This hybrid approach seeks to utilize the benefits of both standards, providing a new method of token interaction within the blockchain ecosystem. However, the last episode has thrown into doubt how experimental the new standards remain and the risks they pose, therefore, emphasizing the necessity of rigorous testing and community approval before being implemented.Industry Reaction and Path to RecoveryThe Miner scandal has attracted mixed reactions from the blockchain community, with others seeing it as a hit on the credibility of ERC-X while others hold on to hope of recovery and growth. Security analysts lamented over the underlying high-level loopholes that let the exploit happen, highlighting the massive costs of innovation in the absence of standardized reference implementations.As Miner’s developers work to rectify the glitch and reassure the community, the broader conversation has pivoted to the role of experimental token standards in the blockchain ecosystem. The incident with Miner serves as a cautionary tale, highlighting the balance between innovation and the need for thorough vetting and security measures.#BTC

In less than 48 hours, the price of #bitcoin fell from about $30,000 to $25,000, prompting large liquidations.

If conditions do not change, another leg of this catastrophe may be in the works, according to a detailed examination of #miner statistics.

Miners are under pressure to liquidate their holdings due to a persistent increase in the hash rate of BTC.

In just a few hours, the collapse in the price of bitcoin to $25,000 has resulted in enormous liquidations for traders. But, this bearish swing of different magnitude can occur again, particularly if BTC's hash rate keeps increasing and the price doesn't bounce back right away. BTC miners may sell their holdings if the pressure is not relieved soon, which would start the second down leg.

The average hash rate for Bitcoin over the past seven days has been approximately 409 million TH/s and is still growing. A higher hash rate would make mining more expensive given the declining value of Bitcoin. Bitcoin miners will be obliged to sell their BTC holdings if this condition is left unmet.

The quantity of Bitcoin owned by miners, or their reserve, likewise rises along with the hash rate. The miner reserve skyrocketed from 1.82 million BTC to 1.84 million during the final leg of the Bitcoin surge, which took the price from about $26,000 to $31,500.

The 200,000 BTC, which arrived after the most recent crash, is now being held by miners. These Bitcoins might move to exchanges and be sold there if the situation does not get better for the miners.

Investors should exercise caution and closely monitor the Bitcoin price as a result. A selloff can occur if the rebound rally drags on while the interest rate is still high.