As a seasoned analyst with years of experience navigating the intricate world of cybersecurity, these findings serve as a stark reminder of the ever-evolving landscape we find ourselves in. The rise of malicious activities on Base, a network that was once hailed for its innovative approach to decentralized finance, is a testament to the fact that no system is immune to threats, not even the burgeoning web3 ecosystem.
The base network was found to have identified more than 34,000 potentially dangerous flaws in its smart contracts, such as deceitful boolean checks and manipulation of libraries, based on the latest information available.
As more sophisticated threats emerge, the security of blockchain networks is becoming increasingly challenging due to bad actors taking advantage of flaws within smart contracts. Remarkably, it’s been observed that the Coinbase Base network has a higher rate of detecting such risky occurrences compared to others.
Based on information from Trugard Labs’ analysis via the Xcalibur tool, it was discovered that over 34,000 instances of high-risk issues were found within Base’s smart contract system during the month of August.
The network developed within Coinbase was found to be highly vulnerable to digital signature problems, with approximately 22,000 instances of tampering detected in common libraries like SafeMath. Additionally, malicious boolean checks on token transfers posed substantial risks, as more than 6,300 such instances were identified within Base. These checks had the potential to either halt or manipulate token transfers, thereby exposing a critical weakness.
Web2 hackers turn to web3
Trugard Labs discovered various significant risks spreading throughout their network. These hazards encompassed unapproved token burns, adjustments to balances, and coordinated minting assaults. Furthermore, subtle balance modifications and manipulations in the issuance of tokens were detected on Ethereum and BNB Chain (previously known as Binance Smart Chain or BSC), but these instances were relatively fewer in number.
As a researcher, I’ve noticed an alarming increase in malicious activity within our network, Base. This escalation highlights the potential vulnerabilities of the protocols we currently employ, making them susceptible to exploitation by cybercriminal groups. Interestingly, these groups, who previously primarily targeted web2 platforms, are now turning their attention towards the rapidly expanding web3 ecosystem, as suggested by Trugard’s analysts.
As the Decentralized Finance (DeFi) sector expands, it’s increasingly becoming a target for cybercriminals. Previously, criminals operating in the web2 environment focused on phishing scams, ransomware attacks, and exploiting weaknesses in centralized systems. However, Trugard points out that these same strategies are now being used to exploit potential loopholes in smart contracts, DeFi protocols, and blockchain networks.
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2024-09-19 17:33