Cosmos Founder Discovered Critical Vulnerability Affecting All Blockchain Using IBC

Cosmos founder announced the discovery of a vulnerability on Cosmos during a code review of the project following the attack on the BNB Chain cross-chain bridge. This fatal bug can affect all blockchains that use IBC.

On the evening of October 13, Cosmos founder Ethan Buchman announced that the project had discovered a critical security flaw, threatening all blockchains using the platform’s IBC protocol.

“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.”

He said

The vulnerability was discovered during Cosmos’ review of the project’s software code after the attack on the cross-chain bridge of BNB Chain, the blockchain that uses Cosmos’ engine.

IBC stands for Inter Blockchain Communication, which is a protocol that allows blockchains built on Cosmos SDK to transmit information and data to each other, helping Cosmos realize its ambition to become “the Internet of the blockchain world”. Cosmos has also recently emerged thanks to the app-chain trend, which supports building a separate blockchain for each dApp to ensure the best scalability for the future.

Immediately after the vulnerability was discovered, steps were taken to ensure that all major public IBC support chains were patched. Cosmos has also reached out to core development teams and validators across the ecosystem to provide patches privately and ensure chains are patched prior to public communication.

To patch the above vulnerability, all blockchains using Cosmos IBC will have to deploy an update scheduled to be announced at 14:00 UTC on Friday, October 14. Mr. Buchman also did not rule out the possibility of blockchains on the Cosmos network will have to stop working to serve the error recovery process.

Up to now, there are 51 blockchains using Cosmos IBC protocol. The vulnerability was discovered at a time when the market was constantly flooded with hacks. Most recently, there are two major hacks of BNB and Mango Market with losses of up to 9 digits, besides there are also a series of Defi hacks occurring with increasing frequency.

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