Several cryptocurrency developers have found flaws in the smart contract code of Societe Generale’s (SG) euro stablecoin, EURCV.
On April 20, SG said the EURCV would be limited to investors brought in by the Societe Generale group through its existing compliance procedures.
Developers highlight flaws
Cygaar software engineer discovered that the bank could take and burn all the money of its users through certain functions in its smart contract.
Cygaar added that “SG was much better off using Onyx (JPM’s internal system) or some internal database as they are looking for a centralized settlement layer.”
Another developer, 0xfoobar noted that the code requires each ERC20 transfer to first be approved by the centralized registrar in a separate ETH transaction before it can be processed.
Pseudonymous smart contract engineer alephv.eth also highlighted this issue. The engineer aggregate:
“They coded it so that they have to whitelist all users, process all user transfers, and even process their ERC20 approvals before processing their ‘transferFrom’ lmao.”
This will significantly slow down the transaction speed of the stablecoin and complicate the whole process.
Scott Mitchell, developer of the source protocol aggregate that this could not work on Ethereum from an economic perspective. mitchell said:
“Even if they batch validate transactions and wait for the gas to run out, it will still cost too much at scale.”
A Block Engineer with Cyfrin Audits Patrick Collins saying:
“The worst part: They didn’t use custom errors. Inefficient gas reversal!”
A crypto investor Mason Versluis saying the codes were “absolutely horrible,” adding that the bank should keep its “centralized dummies**t” out of cryptocurrency.
Subsequent crypto developers expose ‘absolutely horrifying’ flaws in Societe Generale’s euro stablecoin that first appeared on CryptoSlate.
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