Ethan Buchman claims that the severe security weakness places all IBC-enabled blockchains in danger. As one of Cosmos’ co-founders, Ethan Buchman assisted in its founding.
A Critical Weakness/Vulnerability
Those working on the Cosmos blockchain project have discovered a significant security hole. The issue might jeopardize every installation of the network. Such is the inter-blockchain communication protocol implementation (IBC).
The flaw was found and identified by developers. Its discovery occurred during a security evaluation conducted after a BNB Smart Chain attack. Hackers made away with a hundred million dollars due to the BNB Smart Chain vulnerability.
Cosmos serves as the foundation upon which The BNB Chain is constructed. Co-founder of Cosmos Ethan Buchman alerted the community about the vulnerability. He revealed it in a blog post published on the community site.
Buchman stated the core Osmosis and Cosmos teams had thoroughly assessed IBC after the BSC exploit. He continued by saying that a significant security flaw had been found. He emphasized that the problem impacted all Cosmos chains for all IBC versions that supported IBC.
Working On a Security Update
Cosmos has made a security update available to the public. On Friday at 10 AM EDT, the patch is scheduled to go into effect. According to Buchman, all Cosmos blockchains with IBC support must apply the upgrade.
Additionally, he said that on Friday, the validators of the Cosmos chains would suspend their respective networks. The upgrade could not happen without the pause, which was necessary.
In light of the seriousness, Buchman said, they have been slavishly collaborating with primary development teams and ecosystem-wide validators. The partnership aims to guarantee that the chains are fixed before communication is restored and to make the patch accessible privately.
A significant vulnerability in the information security context is a software flaw. The ability to breach systems and networks and steal data or money is given to criminals by this.
About Cosmos Network
A network of blockchain protocols tailored to specific applications makes up the Cosmos ecosystem. These protocols are entirely integrated, networked, and interoperable. The IBC protocol is used to connect several blockchains of Cosmos.
Fifty-one blockchains support the IBC protocol in the Cosmos ecosystem. Projects like Juno, Cosmos Hub, Injective, Axelar, Osmosis, Cronos, Evmos, and Sifchain, among others, fall within this category.
The combined market value of all IBC-related chains is more than $8 billion. This information is based on what is shown on the Cosmos website. The IBC has merged with several other well-known blockchains in the past.
These blockchains include the Luna Classic, Thorchain, and OKX Chain. However, they either stopped using the IBC function or never did. On this list of initiatives, one may include Binance, the subject of an attack the previous week.