Zcash, Litecoin among 280 blockchains affected by major vulnerabilities, $25 billion risk: Halborn
According to a security company, at least 280 blockchains currently contain security flaws that can be used to take advantage of many of the vulnerabilities on their network, providing an entry point for nefarious hackers. Litecoin and Zcash are among the affected blockchains that support different types of DeFi protocols and other types of Web3 platforms for metaverse, games, or asset trading. A total of $25 billion (approximately Rs 2,06,300) is at risk while these blockchains remain unpatched. The findings were shared by Halborn, a blockchain security company.
Halborn said they first discovered this security flaw last year on an open-source basis for Dogecoin its own dedicated blockchain. The security platform has named the vulnerability ‘Rab13s’. “The most severe vulnerability discovered is related to peer-to-peer (p2p) communication, where attackers can generate consensus messages and send it to individual nodes and take them offline. Rob Behnke, CEO of Halborn Statuses in the post.
4/ Another zero-day identified by Halborn that is uniquely related to #Dogecoinincludes an RPC vulnerability that affects individual miners.
Later, variations of these 0 days were also discovered in similar blockchain networks potentially leading to DoS or RCE attacks.
– Halborn (@HalbornSecurity) March 13, 2023
Detailed technical red flags that can help developers determine if Rab13 is affecting them blockchain, the security company says it has found a way to disable this bug. “Halborn has successfully developed a mining toolkit for Rab13. All necessary technical information was shared with the identified stakeholders to help them fix the bugs and release the necessary patches to the community and miners,” added Behnke.
The security firm has warned that the glitch is ‘serious’ and could have dire consequences if not addressed promptly.
Each blockchain stores a wide and scoped array DeFi . App, which is used by thousands of people to invest, trade their assets or operate similar services. The Ethereum blockchain alone, supporting nearly 3,000 decentralized applications do it is the most commercialized blockchain.
Vulnerabilities in the blockchain network can risk functional failures of all the protocols that depend on them, putting billions of dollars at risk. “On vulnerable networks, successful exploitation of the relevant bug could lead to denial of service or remote code execution,” Behnke notes.
Interestingly, Halborn’s warning post for blockchains comes just a day after Euler Finance lost millions of dollars in a mine. The DeFi lending protocol is estimated to have lost a large amount somewhere between $177 million (approximately Rs 1,455 crore) – $195 million (approx Rs 1,600 crore). Exact details of the exploit are yet to be revealed by Euler.
According to a report, hackers stole up to $3.8 billion (nearly Rs 31,100) from the crypto-dominated DeFi sector last year. recent report by Chainalysis.
