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Jackson Palmer @ummjackson
, 7 tweets, 4 min read Read on Twitter
The key thing here is not the hack itself - it's the fact the Bancor team had the ability to freeze funds. How many other "decentralized" DApps have a built-in kill switch that's centrally controlled?
Starting a thread here of "decentralized" DApps/exchanges etc. that have a centralized kill switch or control. Let's start with @KyberNetwork ... looks like they can halt the network, per…
Correct me if I'm wrong, but does this code not allow the owner of the MakerDAO contract to mint new coins? Source:…
Looks like @EnigmaMPC can completely pause transfers of any tokens also. That's control of a $100M market, under a single entity. Source:…
.@AugurProject can do the same. Ability to completely and centrally pause transfers across their $373M market cap. Such decentralization. Much farce.

Some of these contracts include an "upgrade"capability which also allows them to essentially upgrade/replace the token contract. I wonder why none of them have used said (centralized) capability to remove their ability to pause transfers?
tl;dr - the majority of the Top 100 #Ethereum based ERC-20 tokens give centralized authority to the contract owner (ie. the company who did the ICO) to mint new tokens, pause all transfers, or overhaul the contracts inner-workings via an upgrade. That's over $16B market cap.
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