The IBC protocol, which is used by Cosmos developers for inter-blockchain communication, had a major security issue that could have led to the loss of more than $126 million worth of assets. This vulnerability was initially discovered and reported by Asymmetric Research. Fortunately, the developers were able to find a solution and resolve the issue.
Since the protocol’s introduction in 2021, this weakness has existed. However, it transformed into a potential danger due to the latest modifications made to the codebase. Luckily, the problem was fixed prior to any financial losses occurring.
A significant issue was discovered in the code that, if exploited, could let hackers generate an infinite amount of tokens on IBC-linked chains like Osmosis and other decentralized finance systems within the Cosmos network. This vulnerability was addressed by Cosmos developer Carlos Rodriguez three weeks ago with a necessary fix.
The team at Asymmetric Research emphasizes the necessity of continuous research and innovation to enhance security in various blockchain networks. Adopting a forward-thinking mindset is crucial for protecting the multichain system from potential threats that may arise again, thereby maintaining trustworthiness and dependability in cross-border transactions.
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2024-04-24 10:44