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Jump Crypto Discovers Potential Vulnerability in Cosmos-Based Ethermint

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On April 14th, developers of Jump Crypto discovered a potential vulnerability in Cosmos based Ethermint, which could result in eight digit asset losses. Ethermint supports the use

Jump Crypto Discovers Potential Vulnerability in Cosmos-Based Ethermint

On April 14th, developers of Jump Crypto discovered a potential vulnerability in Cosmos based Ethermint, which could result in eight digit asset losses. Ethermint supports the use of Ethereum smart contracts in the Cosmo ecosystem, which could allow attackers to bypass specific contracts called handlers, leading to theft of transaction fees and denial of service to users. After receiving the report, the Evmos core development team and Cronos team immediately collaborated with Jump Crypto to resolve the issue.

Developers discover potential vulnerabilities in Cosmos based Ethermint

Introduction

On April 14th, Jump Crypto, a blockchain security and engineering firm, made a disturbing discovery – a potential vulnerability in Cosmos-based Ethermint. This vulnerability could result in eight-digit asset losses, a significant danger to investors and stakeholders.

Understanding Ethermint and Ethereum Smart Contracts

Ethermint is a Proof-of-Stake blockchain built on Cosmos-SDK, a popular framework for building highly customizable blockchains. What makes Ethermint unique is its ability to support Ethereum Virtual Machine (EVM) smart contracts within the Cosmos ecosystem. This integration allows for a seamless interoperability between Cosmos and Ethereum networks, as well as access to Ethereum’s rich ecosystem of decentralized applications (dApps) and smart contracts.
Smart contracts, in layman’s terms, are self-executing contracts with terms and conditions written in computer code. These contracts automatically execute when predetermined conditions are met, eliminating the need for intermediaries.

The Vulnerability in Handlers

Jump Crypto’s report reveals the vulnerability specifically lies in handlers, a specific type of contract in Ethermint. Handlers are responsible for executing transactions in Ethermint. They can be seen as a gateway through which transactions flow from one part of the blockchain to another. Handlers are meant to act as safety mechanisms, ensuring that only legitimate transactions are executed, and all transaction fees are paid accordingly.
However, with the reported vulnerability, attackers can bypass these handlers, leading to unauthorized and potentially costly transactions. They can also execute denial-of-service (DoS) attacks, causing a disruption of service to legitimate users. The report states that attackers can exploit this vulnerability to “execute complex attacks on blockchains with Ethereum interop, steal assets and create legal liabilities on exchanges operating on these blockchains.”

Immediate Collaboration to Resolve the Issue

Upon receiving the report from Jump Crypto, the Evmos core development team and Cronos team immediately collaborated to address the issue. They promptly released patches that could fix the vulnerability and prevent any potential losses.
This fast response by the development team shows the importance of working closely with security professionals to address any potential vulnerabilities in the blockchain. It also serves as a reminder of the ever-present threat of cyberattacks and the need for constant vigilance.

Conclusion

The recent discovery of a potential vulnerability in Cosmos-based Ethermint highlights the importance of blockchain security and the need for constant attention to potential cybersecurity threats. Developers must remain alert and work closely with blockchain security professionals to mitigate any potential risks and keep the blockchain ecosystem safe for all stakeholders involved.

FAQs

1. What is Ethermint?
Ethermint is a Proof-of-Stake blockchain built on Cosmos-SDK, capable of supporting the Ethereum Virtual Machine (EVM).
2. What are Ethereum smart contracts?
Ethereum smart contracts are self-executing contracts programmed with terms and conditions and execute automatically when predetermined conditions are met.
3. What are handlers in Ethermint?
Handlers are contracts responsible for executing transactions in Ethermint, acting as safety mechanisms to ensure only legitimate transactions are executed.

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