Maker Imposes “Critical Update” Urging Users To Move MKR Tokens To Personal Wallets “Immediately”


Maker Foundation Imposes “Critical Update,” Urging Users To Move MKR Tokens To Personal Wallets “Immediately”

  • Second round of auditing with Maker Foundation reveals the need for “critical update.”
  • Users are told to pull any MKR tokens they have in voting contract to their wallets right away.

The cryptocurrency industry constantly seeks to provide opportunities and assurances to users, which is why many jurisdictions have imposed regulations that favor the users. Exchanges will update their data in an effort to offer more products or services, but the recent changes imposed by the Maker Foundation are to support the governance voting contract. The creators behind the DAI stablecoin stated that there is a critical issue that has been found that impacts the smart contract auditing process, as stated in The Block.

The company posted to Reddit to discuss the matter, explaining that the Maker Foundation was undergoing their second auditing round, as they collaborated with Coinbase and Zeppelin. However, during this process, the company found that there is a “critical update” that has to be imposed.

The message on Reddit stated,

“You are not in danger of losing your MKR if you own one of the ~190 addresses who have staked MKR in the current MakerDAO Governance Voting Contract, but you are advised to move your MKR out of the contract and back into your personal wallet immediately.”

Users are able to withdraw their tokens from the smart contract easily, though the company provided details on withdrawal by visiting migrate.makerdao.com. However, anyone that does not have a stake in the smart contract will not have to do anything at this time.

The goal of the Maker Foundation is, and always has been, making sure that everyone can have a smooth experience on the platform. Users can go to the Reddit chat to voice any of their other concerns about the changes, though they assure users that there is nothing to impact the MKR token with the update. Instead, the only people impacted are those that are still involved with the previous voting contract.

Once the changes are complete, users will be debriefed on the issue, and there will be a full report on what the Maker Foundation has collaboratively done to fix it. The Reddit post concluded with a thank-you to Coinbase and Zeppelin for their “due diligence and responsible disclosure” while the issue is being fixed.

On the link provided on Reddit, The Block reports that the stability fee voting proposal has recorded nearly $63 million in MKR tokens. Zeppelin offered a statement on the matter, saying that the issue has since been corrected, and concurred with the Maker Foundation that the MKR token’s security remained unaffected.

Reports from Crypto Slate say that the Dai stablecoin has struggled to keep its peg, and the fees associated with using it have increased by nearly 40 times the original rate. However, the recent drama and uncertainty of Tether has driven more users to use the Dai stablecoin instead.

To view the Reddit post, visit https://www.reddit.com/r/MakerDAO/comments/ble9j1/notice_critical_update_to_governance_voting/.

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