Cosmos reveals critical vulnerabilities – here’s everything you need to know

Co-founder of the Inter-Blockchain Communications (IBC) ecosystem CosmosEthan Buchman, most dangerous The presence of a “serious vulnerability” on October 13 affecting all IBC-enabled Cosmos chains and all versions of IBC.

Buchmann made the announcement on the Cosmos Hub forum where he confirmed that steps have already been taken to ensure that all critical public chains that have been enabled for IBCs are fixed.

This update comes in a week that has seen a lot hacks which cost more than $100 million.

Raised by the exploitation of BNB

The Cosmos team has reportedly been in contact with developers of major IBC projects to ensure the patch is applied to the network before the vulnerability can be exploited.

The patch will be made available via the Cosmos SDK so that developers of smaller projects can also upgrade their networks by 14:00 UTC on September 14.

He also stated that the patch could be applied without the need for network downtime and once the upgrade was approved by a third of the voters on the chain.

Following $100 million of Exploitation of the Cross Chains Bridge BNB . chain On October 6, it was reported that the core developers of Cosmos and Osmosis have increased security audits. The audits led to the discovery of a vulnerability that has not yet been exploited.

More than 1 billion dollars and 40 chains at stake

The Cosmos team’s handling of the vulnerability is still up for debate. If the critical vulnerability is not addressed, the total value locked (TVL) of the DeFi ecosystem could lose more than $1 billion.

That’s because the Cosmos ecosystem is currently home to more than 40 series, with Cronos, Cava, Thorchain and Terra Classic being some of the notable protocols with millions of TVL locked in.

Source: DeFiLlama

In recent months, TVL has dropped significantly in DeFi protocols. As of this writing, it’s down from about $140 billion in May to less than $54 billion.

Source: DeFiLlama

ATOM price has been in an uptrend using trend lines on daily time frame. The chart shows that ATOM is up over 200% since the start of its rally.

At the time of writing, ATOM was trading between $11 and $12, an increase of nearly 6% from the start of the trading session.

Even looking at the position of the RSI line, the rally did not break ATOM out of the downtrend it was going through.

Source: TradingView

However, there have been relatively few security breaches on the chain within the Cosmos IBC ecosystem.

The Ethereum Virtual Machine (EVM) blockchain has been the target of the vast majority of cross-chain bridging hacks this year. The exploits of the Ronin and Nomad Bridge are some instances of the exploits of the EVM.

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