• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Researchers Neutralize Critical Vulnerability in DeFi Ecosystem

user avatar

by Giorgi Kostiuk

5 hours ago


Recent cybersecurity investigations led to the neutralization of a critical vulnerability threatening numerous smart contracts and potentially resulting in the theft of over $10 million in cryptocurrency.

Discovery of Vulnerability

On Thursday, Venn Network researcher Deeberiroz reported that a backdoor exploit had been unnoticed in the ecosystem for months. The vulnerability related to uninitialized ERC-1967 proxy contracts, allowing malicious actors to hijack contracts before they were properly set up.

Intrusion of Malicious Actors

Or Dadosh, co-founder and president of Venn Network, noted that the attacker front-ran contract deployments and injected malicious implementations. According to Dadosh, 'in simple terms, the attacker exploited certain deployments which allowed them to hide a backdoor in thousands of contracts.' This vulnerability had remained unnoticed for months, making malicious activities hard to detect.

Contract Response and Pause

The Berachain team responded to the situation by pausing the affected contract. The Berachain Foundation acknowledged the potential vulnerability and transferred funds to a new contract. Venn Network researcher David Benchimol suspects that the notorious North Korean hacking group Lazarus could be involved in the attack, though there is no confirmation of this.

The operation to discover the vulnerability highlights the importance of collaborative efforts among security researchers to prevent significant losses in the crypto ecosystem and protect user assets.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

Other news

Stablecoins on Base: 280% Growth in Active Addresses

chest

The Base network sees a 280% increase in stablecoin active addresses, despite a stable supply of tokens.

user avatarGiorgi Kostiuk

Little Pepe and TRON: Examining 9000% Growth Potential by 2025

chest

Analysis of the potential growth of Little Pepe and TRON with a forecast of up to 9000% by 2025.

user avatarGiorgi Kostiuk

Robinhood Announces ETH and SOL Staking for U.S. Users

chest

Robinhood introduces ETH and SOL staking for U.S. customers, offering simple participation in blockchain operations.

user avatarGiorgi Kostiuk

Kinto Coin ($K) Plunges 87% After Contract Exploit on Arbitrum

chest

Kinto Coin ($K) experienced a sharp decline of 87% following a contract exploit on Arbitrum, raising security concerns within the crypto sector.

user avatarGiorgi Kostiuk

Mutuum Finance and Pepe Coin: Trends and Predictions for 2025

chest

An overview of the prospects of Mutuum Finance and Pepe Coin in the cryptocurrency market in 2025, including token sales data and price direction.

user avatarGiorgi Kostiuk

Bitcoin Reaches a New Peak: Positive Trends in the Crypto Market

chest

Bitcoin sets a new record at $113,358.50 amid growing interest in ETFs and a favorable macroeconomic environment.

user avatarGiorgi Kostiuk
dapp expert logo
© 2020-2025. DappExpert. All rights reserved.
© 2020-2025. DappExpert. All rights reserved.

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.