The Keep team behind the bitcoin-pegged token on the Ethereum blockchain tBTC has ceased deposit operations due to discovered bug.
According to an official statement, the developers decided to initiate the 10-day emergency pause of deposits allowed by the TBTCSystem contract.
The team decided to stop emission of the tBTC token after finding "a significant issue in the redemption flow of deposit contracts."
Once the team paused the emission, it offered a 1.005-to-1 exchange of BTC for TBTC to recover TBTC supply, resulting in recovery of 99.83% of the supply to this address.
"The team will be triggering a controlled redemption of open deposits to free up the remaining bonds of the single bonder responsible for backing those deposits (currently ongoing)," the statement highlights.
It is expected that the team will announce its plans on approaching a redeploy of the tBTC system in the coming days.
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