tBTC pauses deposits just one week after its public launch

Ethereum • May 18, 2020, 5:55AM EDT
UPDATED: May 18, 2020, 8:46AM EDT
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tBTC, an Ethereum-based token backed 1:1 by bitcoin, has paused deposits just one week after its public launch.

tBTC project lead Matt Luongo tweeted earlier today that deposits have been paused for the next ten days and the tBTC team is helping users to withdraw funds.

The reason for the move is currently unknown. Luongo said a full post-mortem will be published later today.

The tBTC system opened for public use on May 11, which allowed anyone to deposit limited funds in bitcoin to mint tBTC token. tBTC is an ERC-20 token that is fully collateralized by bitcoin.

tBTC is created by Keep Network (an Ethereum-based system for privately storing data off-chain) and Summa (which provides tools for cross-chain communication).

Luongo thanked Keep Network’s head of engineering, Antonio Salazar Cardozo, for catching the issue with tBTC and Summa founder, James Prestwich, for confirming it.

The Block has reached out to Luongo, Cardozo and Prestwich to learn more and will update this story should we hear back.

AUTHOR

Yogita Khatri profile picture Yogita Khatri

Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

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