Several crypto 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 onboarded by Societe Generale group through its existing compliance procedures.
Developers highlight flaws
Software engineer Cygaar ຄົ້ນພົບ that the bank could take and burn all of its users’ money through certain functions in its smart contract.
Cygaar added that “SG was much better off using Onyx (JPM’s internal system) or some internal db since they’re looking for a centralized settlement layer.”
Another developer, 0xfoobar ສັງເກດເຫັນ that the code requires every single 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 ເພີ່ມ:
"ພວກເຂົາຂຽນລະຫັດມັນດັ່ງນັ້ນພວກເຂົາຕ້ອງລາຍຊື່ຜູ້ໃຊ້ທັງຫມົດ, ດໍາເນີນການໂອນຜູ້ໃຊ້ທັງຫມົດ, ແລະແມ້ກະທັ້ງການປຸງແຕ່ງການອະນຸມັດ ERC20 ຂອງທ່ານກ່ອນທີ່ພວກເຂົາຈະດໍາເນີນການ 'ໂອນຈາກ' lmao ຂອງທ່ານ."
This will significantly slow down the transaction speed for the stablecoin and complicate the whole process.
Origin Protocol developer Scott Mitchell ເພີ່ມ that this could not work on Ethereum from an economic perspective. Mitchell said:
“Even if they batch validate transactions and wait for low gas it still will cost too much at scale.”
A blockend engineer with Cyfrin Audits Patrick Collins ກ່າວວ່າ:
“The worst part: they didn’t use custom errors. Gas in-efficient revert!”
A crypto investor Mason Versluis ກ່າວວ່າ the codes were “absolutely horrible,” adding that the bank should keep their “centralized bulls**t” out of crypto.
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Source: https://cryptoslate.com/crypto-developers-expose-absolutely-horrible-flaws-in-societe-generale-euro-stablecoin/