Blockchain networks face growing security challenges as malicious actors exploit vulnerabilities in smart contracts. Coinbase’s Base network led in high-risk vulnerability detections.
Smart Contract Vulnerabilities
According to data from Trugard Labs, the Base network recorded over 34,000 high-risk vulnerabilities in its smart contracts during August. Key risks involved tampering with standard libraries such as SafeMath, as well as malicious boolean checks that could block or manipulate token transfers. Nearly 22,000 instances of library tampering and over 6,300 instances of malicious boolean checks were identified.
Web2 Hackers Shift to Web3
Trugard Labs also identified several major threats in the Base network, including unauthorized token burns, balance updates, and controlled minting attacks. Hidden balance updates and minting manipulations were also detected across Ethereum and BNB Chain networks, though in smaller numbers.
Hackers Specialize in DeFi Protocols
As the decentralized finance (DeFi) sector grows, so does its appeal to threat actors. In the past, cybercriminals specialized in phishing, ransomware, and exploiting vulnerabilities in centralized systems. Now, those tactics are being adapted to exploit vulnerabilities in smart contracts, DeFi protocols, and blockchain networks.
The increase in smart contract vulnerabilities highlights the need for strengthened security measures in blockchain networks, especially amidst a rising number of cyberattacks and growing interest from malicious actors.
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