Cosmos Detects Major System Weak Point – Will ATOM Price Be In Trouble?

Cosmos is now making sure their system won’t share the same fate as the BNB Chain that was drained of $100 million worth of tokens in a hacker attack last week. On October 13th, Ethan Buchman, co-founder of the Cosmos inter-blockchain communication (IBC) ecosystem, revealed a major security weak point that affects all Cosmos chains that utilize IBC, regardless of the version of IBC they employ. The Inter-Blockchain Communication protocol allows users to seamlessly switch from one Cosmos blockchain to another. Related Reading: Ethereum Classic (ETC) Price Muffled In Last 2 Months – Will ‘Uptober’ Any Different? 42-IBC Connected Blockchains At Risk Currently, there are 42 blockchains that are IBC-enabled. Among these are Cosmos Hub, Osmosis, Cronos and Evmos. OKX Chain, Luna Classic and Thorchain are some of the major blockchains which have integrated IBC before. Luckily for them, the functionality was either already deactivated or was never fully enabled to begin with. Buchman’s disclosure during the Cosmos Hub Forum is not to be taken lightly especially that all affected networks combine for a total market capitalization of $8.18 billion. Meanwhile, the Cosmos co-founder said the problem has been dealt with through a patch that will be deployed on all blockchains currently at risk. Developers and validators were given private access to the patch before the announcement of the security threat was made. A third of a blockchain’s...