Cosmos Team Discovered a Major Vulnerability Before Potential Exploit

October 14, 2022

MCP News Free

Cosmos Team Discovered a Major Vulnerability Before Potential Exploit

Cosmos disclosed a critical vulnerability that endangered its entire ecosystem (worth over $8 billion) on Thursday.

As per the release, Binance’s BNB chain recent hack led Cosmos developers to examine their IBC code after which a major security vulnerability was discovered putting its entire ecosystem at risk of being attacked by cyberpunks.

“Members of the core Cosmos and Osmosis teams have been extensively auditing IBC in the aftermath of the BSC exploit. We have discovered a critical security vulnerability that impacts all IBC-enabled Cosmos chains, for all versions of IBC,” a statement from the post read.

Cosmos is a decentralized network of blockchains connected through the Inter-Blockchain Communication protocol (IBC), which allows users to seamlessly hop from one Cosmos blockchain to another.

As of press time, there are 42 IBC-enabled blockchains, including Cosmos Hub, Osmosis, Cronos, and Evmos. According to the project’s website, all IBC-enabled chains have a market cap of up to $8.18 billion.

Some major blockchains like OKX chain and Luna classic have at a time integrated IBC.

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The Team is Working to Ensure the Chains Are Patch

According to the post, steps to make sure that all major public IBC-enabled chains have been patched are already in place.

“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,” said in the post.

The post furthered that a chain is saved from critical vulnerability once half of the voting has applied the patch. Chains should still seek to patch to two-thirds as quickly as possible once the official patch is released.

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