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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 github.com/KyberNetwork/s…
Correct me if I'm wrong, but does this code not allow the owner of the MakerDAO contract to mint new coins? Source: etherscan.io/address/0x9f8f…
Looks like @EnigmaMPC can completely pause transfers of any tokens also. That's control of a $100M market, under a single entity. Source: etherscan.io/address/0xf0ee…
.@AugurProject can do the same. Ability to completely and centrally pause transfers across their $373M market cap. Such decentralization. Much farce.

Source: etherscan.io/address/0xe943…
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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