News After this discovery, more than 280 cryptocurrencies are in great danger
Published on 03/14/2023 at 18:40
The security of the blockchain networks behind cryptocurrencies no longer needs to be proven, and yet a new discovery could finally destroy that reputation in the blink of an eye. A group of cybersecurity researchers have just discovered serious vulnerabilities in over 280 cryptocurrencies.
Dogecoin network investigation reaches a new level
Theoretically, the security of blockchain technology is considered inviolable, in particular, due to its decentralization. Since the network is nominally owned by no one and everyone participates in its operation, this inevitably adds an additional layer of security.
However, this aspect is constantly questioned by many cybersecurity experts. Moreover, as the crypto industry develops, more and more blockchains are created, and their design varies from one cryptocurrency to another.
The developers behind them are well aware of this. As a result, they are multiplying initiatives to fix any security flaws that have not been discovered so far. This is the case of the Dogecoin blockchain, which entered into a contract with cybersecurity company Halborn in March 2022.
The security of 280 cryptocurrencies is compromised by the discovery of many flaws
After almost a year of this contract and several hundred hours of in-depth study of the open source code of the Dogecoin blockchain, cybersecurity firm HalBorn has identified critical vulnerabilities.
The story takes a different turn when the company discovered that these vulnerabilities were not limited to the Crypto Doge network. Indeed, the same security flaws have been found in over 280 cryptocurrencies:
2/ The assessment found that the same vulnerabilities affected over 280 other networks, including #litecoin and #zcash, which have since been patched and patched.
— Halborn (@HalbornSecurity) March 13, 2023
“During the investigation, it was found that the same vulnerabilities affect more than 280 other networks, including #litecoin and #zcash. They have since been identified and corrected. explains Halborn on Twitter.
As the company points out, Alerted Networks has already fixed several shortcomings. However, about a hundred blockchains are still compromised by these vulnerabilities. As such, Halborn indicated that he contacted several concerned networks to resolve this issue:
“Good faith efforts have been made to contact the affected networks for responsible disclosure. However, all affected networks are advised to contact Halborn at Disclosures@halborn.com.”
Alarming vulnerabilities
Its vulnerabilities are not minor as they offer hackers a choice. In particular, some of them allow:
- infect and exploit machines of crypto miners from multiple affected networks
- perform DDoS attacks that bring the entire network to a halt
Even more worrying is that another vulnerability called “Rab13s” could potentially lead to the 51% attack that crypto fans fear so much.
In short, this situation occurs when an individual or group manages to capture more than 50% of the computing power of the network. Theoretically, they could “control” the entire network. This manipulation will allow them to carry out fraudulent transactions such as:
- Confirm or cancel transactions at your discretion
- Spend network crypto endlessly
- Edit past transactions
While the flaws cannot be exploited on every network, detection is critical as it affects nearly $25 billion in cryptocurrencies. Thus, the company did not disclose technical reports on the security flaws in question in order to preserve weakened networks.