A lot of people were excited to see a new version of tokenized Bitcoin on the Ethereum blockchain pop up. While the tBTC launch received a lot of attention, it seems the protocol is already facing issues.
A decentralized solution to tokenize Bitcoin on Ethereum was introduced not that long ago.
tBTC Runs Into a big Issue
Known as tBTC, it offers a lot of improvements compared to wBTC.
With no custodial solution in place, things are bound to get interesting.
However, there is already an issue affecting this new project.
It would appear that, after two days, the deposits have already been paused for the next 10 days.
That also means that the service will remain accessible for this period, or perhaps longer.
All users who had deposited funds should be able to get their money back sooner or later.
What will happen after the 10 days are over, remains to be determined.
The “bug” has not been disclosed fully at this time, but more information will become available in the coming days.
No funds have been lost, further confirming that the issue was noted in time before any real harm could be done to tBTC users.
It seems likely to assume that the service will be resumed, as growing pains were somewhat to be expected.