KronosSlott
  • Altcoin
  • Bitcoin
  • Blockchain
  • Ethereum
  • Litecoin
  • Gambling

Subscribe to Updates

Get the latest Crypto news from kronosslott.

What's Hot

Bitcoin Taps $27K, Solana Soars 5% Daily (Weekend Watch)

May 28, 2023

Cheds recounts how he leaned on crypto during his toughest times

May 27, 2023

Render Token (RNDR) Shoots Up 15% Weekly, Bitcoin (BTC) Eyes $27K (Weekend Watch)

May 27, 2023
Facebook Twitter Instagram
  • Affiliate Disclosure
  • Anti Spam Policy
  • Cookie Policy
  • Privacy Policy
  • Terms & Conditions
Facebook Twitter Instagram
KronosSlott
  • Altcoin
  • Bitcoin
  • Blockchain
  • Ethereum
  • Litecoin
  • Gambling
KronosSlott
Home » Cosmos co-founder issued an alert over a critical vulnerability on IBC

Cosmos co-founder issued an alert over a critical vulnerability on IBC

adminBy adminOctober 16, 2022No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Reddit Telegram Email
Cosmos
Share
Facebook Twitter LinkedIn Pinterest Email


Join Our Telegram channel to stay up to date on breaking news coverage

The co-founder of the interblockchain communication (IBC) ecosystem Cosmos, Ethan Buchman, has reported a critical security vulnerability affecting all IBC-supported chains on all versions of IBC.

Cosmos co-founder detects security vulnerability on IBC

Buchman has also said that all the necessary steps were being taken to ensure that all leading public IBC-supported chains have been fixed. He added that a chain was safe from the threat of exploitation if a third of the voting power has implemented the patch.

“Chains should seek top patch to 2/3 as quickly as possible once the official patch is released,” Buchman said. He added that a public version of the patch would be released in the Cosmos SDK (software development kit) on October 14.

Buchman has also recommended that all validators and chains apply the patch as soon as it is released, adding that the chain would not be halted for the patch to take effect. However, he added that there was a possibility that validators and chains would be halted during the upgrade process.

“Steps have already been taken to ensure that all major public IBC-enabled chains have been patched. Given the severity, we have been working tirelessly with core development teams and validators across the ecosystem to make the patch available privately and ensure chains are patched before communicating publicly,” Buchman added.

The security vulnerability seems to have been detected after the core developers of the Cosmos network and the Osmosis decentralized exchange in Cosmos enhanced their security measures amid a $100 million cross-chain bridge attack that happened on BNB Chain last week.

Vulnerabilities in cross-chain bridges

Cross-chain bridges have become a major target for hackers in the decentralized finance space. Cross-chain bridges are key in the DeFi space because they allow users to transfer digital assets across multiple networks.

However, cross-chain bridges are more complex than other decentralized applications (DApps). Additionally, if the source code of the bridge is copied and pasted across different protocols, the vulnerability of these platforms can be massive.

While developers conduct regular audits on these platforms to patch any vulnerabilities, hacks still occur, some being very severe. Most of the cross-chain bridge hacks in 2022 have been on the Ethereum Virtual Machine blockchains. These hacks include the Ronin and the Nomad bridge exploits.

On the other hand, security breaches have also been seen on chains within the Cosmos IBC ecosystem. However, the hacks have been few and have not happened within a close period. Around 45 blockchain networks currently use the Cosmos SDK. This shows that the extent of a breach on the ecosystem could be severe.

Related

Tamadoge – Play to Earn Meme Coin

  • Earn TAMA in Battles With Doge Pets
  • Maximum Supply of 2 Bn, Token Burn
  • Now Listed on OKX, Bitmart, LBank, MEXC, Uniswap
  • Ultra Rare NFTs on OpenSea

Tamadoge logo


Join Our Telegram channel to stay up to date on breaking news coverage



Source link

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
admin
  • Website

Related Posts

Just as Lido withdrawals begin, Celsius moves $781 million in stETH.

May 17, 2023

UK fiscal watchdog to crypto industry ‘ Let’s work together ’

May 10, 2023

Successful Beta Service launch of SOMESING, ‘My Hand-Carry Studio Karaoke App’

May 9, 2023

Comments are closed.

Don't Miss

Bitcoin Taps $27K, Solana Soars 5% Daily (Weekend Watch)

Litecoin May 28, 2023

Unlike the previous few weekends, this one is turning out to be more positive for…

Cheds recounts how he leaned on crypto during his toughest times

May 27, 2023

Render Token (RNDR) Shoots Up 15% Weekly, Bitcoin (BTC) Eyes $27K (Weekend Watch)

May 27, 2023

Bitcoin Flatlines Below $27K, ChatGPT CEO Furthers Crypto Efforts With $115M Fundraiser: This Week’s Recap

May 26, 2023
Stay In Touch
  • Facebook
  • Twitter
  • Pinterest
  • Instagram
  • YouTube
  • Vimeo
Our Picks

Bitcoin Taps $27K, Solana Soars 5% Daily (Weekend Watch)

May 28, 2023

Cheds recounts how he leaned on crypto during his toughest times

May 27, 2023

Render Token (RNDR) Shoots Up 15% Weekly, Bitcoin (BTC) Eyes $27K (Weekend Watch)

May 27, 2023

Bitcoin Flatlines Below $27K, ChatGPT CEO Furthers Crypto Efforts With $115M Fundraiser: This Week’s Recap

May 26, 2023

Subscribe to Updates

Get the latest Crypto news from kronosslott.

About Us
About Us

Your source for the serious news. This website is crafted specifically to for crazy and hot cryptonews. Visit our main page for more tons of news.

We're social. Connect with us:

Facebook Twitter Pinterest YouTube WhatsApp
Categories
  • Altcoin (65)
  • Bitcoin (2,020)
  • Blockchain (1,271)
  • Ethereum (335)
  • Gambling (2,082)
  • Litecoin (145)
  • NFTs (2)
Our Picks

Bitcoin Taps $27K, Solana Soars 5% Daily (Weekend Watch)

May 28, 2023

Cheds recounts how he leaned on crypto during his toughest times

May 27, 2023

Render Token (RNDR) Shoots Up 15% Weekly, Bitcoin (BTC) Eyes $27K (Weekend Watch)

May 27, 2023
©2022 –Kronosslott. All Rights Reserved. Kronosslott.com is an independent i-Gaming news site and casino comparison service. Every effort is made to ensure that the bonus offers listed here are accurate and up-to-date. However, we accept no responsibility for inaccuracies or errors. It is your responsibility to confirm the terms of any promotion you choose to accept. Looking to Advertise with us? Kronosslott is always looking for new partnerships. To Inquire please email kronosslott@gmail.com

Type above and press Enter to search. Press Esc to cancel.