The developers of Cosmos analyzed the software and noted that there was a very big security risk because of a vulnerability.
Cosmos blockchain was developed to provide decentralized communication between different blockchain networks without any need for a centralized server. Due to the entry of Cosmos-like crypto projects in the crypto industry, Defi projects are getting better ability to expand their reach & network in the crypto world.
On 13 October, The developers behind the Cosmos project informed the community about a vulnerability in software. That software actually helps all the blockchain networks to work under the inter-blockchain communication protocol (IBC).
Ethan Buchman, the co-founder of Cosmos, explained that devs analyzed to find out this vulnerability after the hack attack on the cross-chain protocol of the BNB chain, BSC Token Hub.
“Members of the core Cosmos and Osmosis teams have been extensively auditing IBC in the aftermath of the BSC exploit. We have discovered a critical security vulnerability that impacts all IBC-enabled Cosmos chains, for all versions of IBC,” Cosmos co-founder said.
To fix the vulnerability, all the IBC-enabled Cosmos networks planned to deploy a public security patch planned for release at 10 a.m. EDT today, before disclosing about this matter publicly.
At present, there are a total of 51 blockchain networks under the IBC Protocol. So the security patch was delivered to the respective teams to ensure the safety of all networks’ funds.
Attack on BNB chain cross-protocol
Last week, BSC Token Hub, a cross-chain protocol between BNB Bep2 & BNB Bep20 faced a hack attack by a hacker(s). Exploiter grabbed around $100 million worth of funds. Later the team released a fork to fix the vulnerability.