Distributed emergency responder network, Guardian Circle, has announced that a new NEP-5 token will be issued in place of its Guardium (GDM) token due to a vulnerability in the original smart contract. GUARD will be airdropped 1:1 to NEO wallets that hold GDM.
The release of the new token is expected to take place between August 13th, 2018 at 7:00am (UTC) and August 16th, 2018 at 7:00am (UTC). Guardian Circle requests that token holders do not make any GDM transactions during this time. A snapshot of wallets holding GDM will be taken at a yet to be specified block height, and GUARD tokens will be distributed at a 1:1 ratio. The Guardian Circle team has stated that, “We’ve already coordinated with major NEO wallets and GUARD support will be included in future revisions.”
The GDM smart contract was affected by a storage injection vulnerability discovered in certain NEP-5 smart contracts which, in theory, would allow an attacker to burn a certain amount of tokens that they own, and therefore change the status of the total supply within the contract (but not the actual supply volume of the token).
Although the vulnerability is claimed to be relatively minor, Guardian Circle reports that exchanges demand a perfect token smart contract and is issuing the GUARD token in order to comply.
More information on the Guardian Circle project can be found at the links below.
About The Author: Colin Closser
Colin Closser, M.D., was a speaker at the first NEO DevCon in San Francisco. A devoted contrarian, he has managed the improbable: a peaceful and healthy life, despite holding a medical degree. He aspires towards the wisdom of Michael Lewis and Nassim Nicholas Taleb.
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