Over $25 Billion in Crypto Assets at Risk of Exploits

March 15, 2023

MCP News Free

Over $25 Billion in Crypto Assets at Risk of Exploits

Different attacks on crypto projects have spurred crypto firms to up their game when it comes to cybersecurity, and as a result of this, some crypto projects have discovered and resolved some critical vulnerabilities that exposed over $25 billion in crypto to attack from hackers.

Dogecoin, Litecoin, and Zcash recently disclosed critical vulnerabilities that exposed billions in crypto assets to attack from cyberpunk.

According to a March 13 report by a blockchain security firm Halborn, quite a lot of blockchains have vulnerabilities which are under the collective term “Rab13s”.

In March this year, the above-mentioned blockchain security firm was contracted regarding the evaluation of Dogecoin’s code, and the firm reported that it has patched critical vulnerabilities it found.

Also in the same month, Zcash issued statements that it has attended to a vulnerability that may lead to the exploitation of the project, according to Zcash, the critical vulnerability was from Bitcoin Core’s code, furthering that there is no evidence that an attack has occurred against Zcash itself.

Litecoin as well released an update that addresses the vulnerability earlier this month, although, Litecoin did not mention which blockchain security firm that was involved.

Another project with vulnerability to attack is Horizen, the company has however disclosed that it has fixed the issue in a March 13 statement.

Blockchains at Risks

According to Halborn, more than 280 blockchain networks are at risk of attack as they contain variations on these vulnerabilities, the security firm however added that it has shared exploit kits with those blockchain projects.

Some issues are previously known BTC vulnerabilities, Halborn added, furthering that other lines of attacks are unique to Dogecoin and other networks, although not all exploits are possible on all networks, said Halborn. Concluding that the vulnerabilities may expose over $25 billion worth of crypto to the risk of getting attacked.

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