Three days ago, 4chan’s /biz/ banded together and created a cryptocurrency Ponzi scheme: Proof of Weak Hands Coin. They advertised it as a legitimate pyramid scheme, and surprisingly its value quickly grew to over a million dollars, and over a thousand Ethereum. A few hours ago, 866 Ethereum vanished from the contract, however, due to a flaw in the code.

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The code is mostly taken from Jochen Hoenicke’s original concept for a Ponzi token. It also barely conforms to the ERC-20 standard for Ethereum-based tokens, something which will eventually be exploited. (The specification is a short one too, containing six methods and two logged events.) …


Eric Banisadr

I write code, among other things