tBTC pauses deposits just one week after its public launch

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tBTC, an Ethereum-based token backed 1:1 by bitcoin, has paused deposits just one week after its public launch.

tBTC project lead Matt Luongo tweeted earlier today that deposits have been paused for the next ten days and the tBTC team is helping users to withdraw funds.

The reason for the move is currently unknown. Luongo said a full post-mortem will be published later today.

The tBTC system opened for public use on May 11, which allowed anyone to deposit limited funds in bitcoin to mint tBTC token. tBTC is an ERC-20 token that is fully collateralized by bitcoin.

tBTC is created by Keep Network (an Ethereum-based system for privately storing data off-chain) and Summa (which provides tools for cross-chain communication).

Luongo thanked Keep Network’s head of engineering, Antonio Salazar Cardozo, for catching the issue with tBTC and Summa founder, James Prestwich, for confirming it.

The Block has reached out to Luongo, Cardozo and Prestwich to learn more and will update this story should we hear back.

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