Stories of blockchain ecosystems being exploited in recent months abound, whether as a result of coding faults or unhappy workers. The cybersecurity team at Cosmos has been conducting rigorous audits as a preventative step after the most well-known breach in recent months saw Binance Smart Chain, or BNB, exploited for several million dollars’ worths of BNB.
Ethan Buchman, the co-founder of the Inter-blockchain Communication (IBC) network Cosmos, disclosed the flaw on the Cosmos Network forum.
It was found by the developers of Cosmos and Osmosis during the audit that came after the BSC vulnerability, although it’s important to note that the attack’s connection to BSC has not yet been established.
Buchman acknowledged to a forum user that the recently identified problem by Verichain is unrelated to the vulnerability that was just uncovered. He added that IBC chains are not actually affected by the Verichain-found flaw.
Cosmos team to public patch
According to the blog article, the Cosmos team has already spoken with the developers of important IBC projects to make sure a patch is done before the incorrect people learn about it.
“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.”
According to the announcement, the company has published the patch today via the Cosmos SDK, enabling developers of smaller projects to upgrade their networks as well. IBCdevs can trust their projects are safe once one-third of a chain’s voters have opted to install the upgrade, as a chain halt is supposedly not required for the fix to be applied.
Hopefully, Cosmos, which conducted Cosmoverse Conference last year in Lisbon, will encourage other platforms to conduct thorough security audits more frequently, putting an end to the streak of vulnerable code-induced attacks.