Blockchain security firm Verichains warns that 3 altcoins, two of which are to receive exchange tokens, have serious vulnerabilities. The altcoin project, which has recently come to the fore with similar claims, was Algorand (ALGO).
Verichains warns of vulnerabilities of large-volume altcoins
Industry-leading blockchain security company Verichains reported that blockchains like BSC and Cosmos, which are actually considered very secure, have security vulnerabilities. A report published today lists the vulnerabilities and which altcoin projects are at risk…
As a follow-up to our previous public Security Advisories releases VSA-2022-100, we are now releasing VSA-2022-101 From Nil to Spoof – Critical IAVL Spoofing Attack via Multiple Vulnerabilities.
Read the advisory for VSA-2022-101 here: https://t.co/thZRrwcf5y
— Verichains (@Verichains) March 8, 2023
Following the discovery of multiple critical vulnerabilities, Verichains has proposed projects that use Tendermint’s IAVL proof validation to take measures to mitigate hacking attacks. The blockchain security firm has provided a public advisory called VSA-2022-100 on a key Null Merkle Tree vulnerability in the IAVL proof in Tendermint Core, a leading BFT consensus engine.
Cosmos, BSC and OKX-based altcoin projects in danger
Verichains first discovered the vulnerabilities in the October BNB Chain hack attack investigation. Many flaws were uncovered that could result in a huge loss of funds. BNB Chain was immediately notified of the vulnerabilities detected in October and the flaws were fixed.
Verichains says several projects are still at risk due to various security vulnerabilities. These projects include Cosmos, Binance Smart Chain, OKX and Kava.
Billions of dollars may be at risk
According to Verichains’ Responsible Vulnerability Disclosure Policy, the company waited 120 days to make the vulnerability public. Due to the severity of the defect, it is possible for more bridges to be hacked, resulting in additional lost payments of hundreds of millions or perhaps billions of dollars.
As a result, Verichains recommended that vulnerable Web3 projects relying on Tendermint’s IAVL-proof validation implement immediate security upgrades. When the Verichains team is discovered, it immediately makes public the vulnerabilities and vulnerabilities they find through the company’s site.
Last year, numerous Blockchain bridges were breached after hackers identified and exploited weaknesses. If left uncorrected, the critical nature of the errors can lead to further attacks and consequent loss of funds, which in some cases can result in millions or even billions of dollars lost. The vulnerabilities and vulnerabilities identified by the Verichains team during research and testing are regularly posted on the company’s website. As Kriptokoin.com, we have included the hack attacks that have come to the fore in recent weeks in this article.
About Verichains
Verichains is a leading Blockchain security firm specializing in code audits, cryptanalysis, perimeter security and incident investigation. Founded in 2017, the company leverages its extensive expertise in security, cryptography and core Blockchain technology, and has helped investigate and fix security issues in several major global crypto hacks, including BNB Bridge and Ronin Bridge.
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