As many of you are aware, recently a new ERC-20 based token called eBTC took the crypto world by storm. Announced on 9/27/17 on the BitcoinTalk forums the coin was distributed to a large number of people for no cost to them. All you had to do was sign up within the 2 day period and they would send you an equal share of eBTC coins.
This distribution model and the catchy name of eBTC caused the project to explode in popularity, receiving hundreds of posts and over 2000 people signing up for the airdrop.
After being listed on a decentralized exchange called EtherDelta, the price exploded, going from $.06 all the way up to $.80 at its peak.
However, in the last few days a Reddit user revealed that there was a flaw in the code, and that the 21,000,000 cap on the coins may not be secure.
After that, the coin plunged deep into the red, dropping all the way down to $.3 where it sits now.
Will it be able to recover? Who knows?
I think that the intention of the creator is good, but I think that the backdoor that allows him to create more coins is something that needs to be fixed immediately if possible. The problem is finding a viable fix.
I'll be following this interesting project to see what happens next!
