Floki Inu (CRYPTO: FLOKI) has disabled its cross-chain bridge after discovering a vulnerability that could “potentially put users at risk.”
What Happened: In an announcement on Feb 3, the Floki Inu team said it had disabled the bridge which lets users move assets between the Ethereum (CRYPTO: ETH) blockchain and Binance Smart Chain’s network.
“The bridge was disabled to protect FLOKI holders after we discovered an exploit that could potentially put users at risk. Thankfully, we were informed about the exploit on time and swung to action immediately to disable the bridge before bad actors could take advantage of it,” said Floki Inu in a blog post.
The team also assured users there wouldn’t be any negative impact on their FLOKI holdings because the exploit was discovered on time.
What Else: In December 2021, Floki Inu partnered with decentralized oracle solution Chainlink with the goal of bringing more DeFi functionality to its community.
“The price feeds that Chainlink helps FLOKI enable gives us endless possibilities when it comes to utility,” said Floki at the time.
The memecoin founded as a result of Tesla Inc (NASDAQ:TSLA) CEO Elon Musk tweeting about naming his Shiba Inu dog Floki has risen by 42,300% since its creation in July 2021.
However, the token is down 89% from its all-time high of $0.00033651 in November 2021.
Price Action: As of Friday morning, FLOKI was trading at $0.00003564, gaining 19.44% in the past 24 hours.
