Binance Releases Announcement Regarding Substratum (SUB) Smart Contract Issue

The world's most used and popular virtual currency exchange Binance has released an announcement regarding Substratum (SUB) and a potential owner-permission issue that is still yet to be confirmed.

They said they are working on the exploit as it is the only token listing on Binance that might have this issue and are in communication with the team at Substratum to fix the issue.

The Substratum team has been very active in releasing updates regarding this ongoing matter. Here is a video preview explaining the smart contract change coming to SUB:

The video basically summarizes the fact that there will be changes coming to their smart contract protocol but will not affect the trading of the SUB token at all.

The update went on to say:

In our original Whitepaper we specified that if liquidity in the network reached too low we would be able to Mint 10% new supply for our token using the method mintToken() within the Smart Contract. This method can ONLY be called by the originator wallet and has NEVER been called. Throughout product development we have decided that we will not need this function and have been meaning to remove it for a while to provide our users with a greater sense of security that their token will always maintain its value by never becoming diluted.

They said this will still maintain token holder benefits as there can never be an increase in the total supply of SUB tokens in which there will only ever be 472 million coins available (deriving from 592 million – the 120 million already burned to date). There will be an additional function used in testing the smart contract but was never utilized in production called setPrices().

The SUB team said they are working with Binance and the Substratum listing who was able to confirm these functions were never called as they said but agreed it was beneficial for the community that these be removed and done the week of June 11 (this week).

We will be sure to keep you updated on this situation as more details emerge.

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