TinyMan Relaunch: Editorial Brief on Transition into TinymanV1.1
TinyMan is a decentralized trading protocol that utilizes the fast and secure framework of the Algorand blockchain, creating an open and safe marketplace for traders, liquidity providers, and developers.
About the Tinyman v1.0
Beginning on the 1st of January 2022, an attack was orchestrated by unauthorized users on some of Tinyman’s pools by exploiting a previously unknown vulnerability in the TinyMan contracts. Since then, the
contracts have been updated to V1.1.
To recap, the first wave of attacks was orchestrated by 4 wallets on goBTC/ALGO, goETH/ALGO pools and drained about 1.8 M USD of funds from these initial pools. The Second Wave, was a set of other criminal wallets jumping in to repeat the exploit, implementing it on other ASA/ASA pools as well as ASA/ALGO pools. This “second wave” of attacks, as it is called,
started infiltrating all the pools to drain funds wherever it is plausible to steal the assets.
Thanks to the front-end team that made great efforts on the migration works. The new website is up and running with the updated smart contracts. The Tinyman design team has also updated the User Interface so that anyone who cannot pull their funds so far can now have access to the first contract. Moreover, Tinyman’s roadmap has been updated, indicating that they will have their token released by Q2 of 2022.
We want to take this moment to thank you all, from devs, to community leaders… from ASA owners to every individual in the Algorand community, for your support. Now that we’re back, it’s time to push harder in the Algorand ecosystem and get back on track.
With TinyMan v1.1, they’ve patched up the vulnerabilities and also resolved the stuck-pools issue for good.
TinyMan is Live
During these first days of trading, please be careful with your activities on Tinyman, as pools with low liquidity can cause substantial price impacts. No one can overcome this but the swappers themselves, so make sure you stay safe out there.
Have a plan, work hard and be transparent. TinyMan will stick by these rules as we all navigate through such events.
Today we are just happy to say that TinyMan is back!
It is time to get things up and running.
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