The Cosmos ecosystem has faced a significant security issue as a high-severity vulnerability in the Cosmwasm smart contract platform threatens to disrupt Blockchain transactions in major altcoin projects such as Injective, Celestia, Cronos, Thorchain, Osmosis, Kava, Terra Luna Classic. In response, Certik uncovered the vulnerability and collaborated with the Cosmwasm team to release a patch, securing the affected chains.
Vulnerability in Cosmwasm contract puts altcoin projects in jeopardy
Certik, a leading blockchain security firm, recently detected a high-range vulnerability in the Cosmwasm smart contract platform affecting more than 20 application chains in the Cosmos ecosystem. The vulnerability allowed untrusted WASM transmissions to disrupt the confirmation of new transactions on the chain, creating a potential threat for a network-wide outage. After discovering the vulnerability, Certik immediately shared its findings with the team behind Cosmwasm to address the critical issue. A collaborative effort resulted in the development and release of an effective patch on January 10.
Affected application chains were immediately notified to implement preventive measures, avoiding any disruption to users. Cosmwasm thanked the Certik team for their professionalism in maintaining the security of the platform and the broader crypto ecosystem. The endorsement also extended to the dedicated community of bona fide hackers, highlighting their important role in protecting the broader crypto landscape. While the vulnerability caused some fluctuations in the Cosmos ecosystem, not all tokens were equally affected. The timely release of the patch and other preventive measures prevented serious network outages, allowing some altcoin projects to continue their positive trajectories.
Performance of coins
For example, Celestia (TIA) has been noted for several developments, including the surpassing of over 300,000 unique wallets. The week resulting from this rise witnessed a remarkable rally of over 50 percent. TIA’s price is currently trading at $19.88, reflecting a 2% increase over the last 24 hours. Injective (INJ) has remained resilient with a price of $39.30, up nearly 4 percent over the past 24 hours. Trading volume increased marginally over the same period. On the other hand, Terra Luna Classic (LUNC) faced a slight setback with a 1 percent drop in the last 24 hours, bringing the price to $0.0001213.
The rapid response to the vulnerability in the Cosmos ecosystem highlights the importance of collaboration between security firms and blockchain projects. Timely patch release and preventive measures not only protected the affected chains but also allowed some tokens to demonstrate resilience in the face of potential outages. As the crypto community continues to evolve, such incidents highlight the importance of proactive security measures to ensure the robustness of the broader ecosystem.
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