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Melo Token Price Plummets 100% After Public Mint Bug Exploited on Binance Smart Chain

Cointime Official

May 6 (Cointime) - Security firm PeckShield Inc. (@peckshield) has alerted Melo Token (@melotoken) to a transaction on the Binance Smart Chain that appears to exploit a public mint bug.  

Melo Token's MEL token price has reportedly dropped 100% as a result of the vulnerability.  

MELO is a BEP20 token based on the Binance Smart Chain. MELO total token supply after the initial mint is pegged at forty billion five thousand two hundred ninety-five (40,000,005,295) with an expected 2 MELO rate generated each block.

A "public mint bug" refers to a vulnerability in a smart contract that allows an attacker to mint or create new tokens without proper authorization. In other words, it is a flaw in the code that enables unauthorized creation of tokens, which can lead to inflation of the token supply and devalue the tokens. 

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