A week ago, safety company PeckShield surprised the world by revealing two exploits which influence on different ERC20 tokens. These mistakes would let the malicious transactions to happen. Finally, most platforms stopped all of these tokens until the matter was solved. With half a dozen currencies unstable, things were not looking all that great.
Binance determined to take the matter into its own hands. In difference with the other exchanges, the company decided to get an independent audit of its confirmed ERC20 tokens. None of the currencies listed on its platform are susceptible to either exploit, which is a favorable development. The smart contract security audit firm QuantStamp convinced that everything is working as it is have to.
The two fallacies still stay present in the scanned tokens. Known as batchOverflow and proxyOverflow, these exploits can exaggerate the hard-capped supply of affected tokens. It is a very disturbing development and supposed to spell the end of the affected tokens. It is also worth to note this is not due to a flaw in the ERC20 token standard itself. The smart contracts of the affected tokens are to blame for these problems.
Taking into account how there are hundreds of ERC20 tokens, a lot more research can be needed. Some crypto platforms trade tokens that are presently not listed on the Binance exchange. All of those contracts will have to be checked up in order to guarantee they are secure from mistakes. It is up to individual exchanges to ensure that research is taking place behind the scenes.
Currently, Binance customers are the only users who can securely trade ERC20 tokens. The scanned tokens are safe from harm. Everything else is still subject to potential issues until proven otherwise. This is another major stage toward ERC20 token maturity. Problems like these are to be supposed, but thankfully, the damage has stayed rather limited.