Altcoin: The other day, a bug was found in an altcoin project. Meanwhile, Osmosis, a layer-1 blockchain on the Cosmos network, was halted Wednesday after a new bug threatened to drain the chain’s liquidity. Here are the details…
- 1 Bug reported in Osmosis: Altcoin price drops
- 2 Aurora awards $6 million for vulnerability
- 3 Second largest reward amount in cryptocurrency history
- 4 Share this:
Bug reported in Osmosis: Altcoin price drops
The bug in Osmosis was first noted by a Reddit user in the main subreddit of Osmosis. Although users initially ignored the report, they immediately changed their settings after trying it themselves. Validators stepped in to halt block production after a new bug was discovered that allowed users to get 50 percent more when withdrawing their deposits from a liquidity pool.
The network was abused by users and threatened to drain the entire liquidity chain. However, Osmosis was able to stop its chain in time, capping its losses at around $5 million. ATOM and OSM tokens were withdrawn in the process. The protocol is the 83rd largest DeFi project in terms of total value locked in at approximately $212.8 million, according to data from DeFi Llama.
Given the nature of the error, Osmosis had the potential to drain its liquidity pools completely. However, the damage appears to be limited to $5 million. OSMO, blockchain’s native altcoin project, dropped nearly 7 percent after the bug was reported. It seems likely that users who exploited the bug sold their stolen tokens. OSMO is changing hands at $1.06 at the time of writing. However, it was trading at $1.24 on the day.
Aurora awards $6 million for vulnerability
Aurora, a blockchain bridge project, has paid the second-largest prize in crypto history after being notified of a vulnerability. A white-hat hacker named Pwning.eth discovered Aurora from an exploit in the project’s Aurora engine and notified authorities. Aurora Engine is an Ethereum Virtual Machine (EVM) built on the NEAR Protocol. It allows developers to develop and deliver applications for both NEAR and Ethereum at the same time.
In an announcement, Immunefi said the bug relates to an infinite spending vulnerability “in the Aurora EVM that can be exploited to generate arbitrary ETH at an exponential rate.” Immunefi estimates that Aurora will lose 70,000 ETH (about $130 million) through the exploit, and $200 million in coins from other projects. But no funds were lost as the project quickly fixed the bug.
Second largest reward amount in cryptocurrency history
Frank Braun, Head of Security at Aurora Labs, said: “Such a vulnerability [bizim] “It should have been discovered at an earlier stage of our defense pipeline,” he said. However, he added that Immunefi’s bug bounty program is “invaluable in encouraging white hats to look at our code base and responsibly disclose bugs.” Pwning.eth received a $6 million bug bounty after alerting the project via Immunefi on April 26. The $6 million prize paid out by Aurora is the second largest ever awarded in crypto history. AmkNews.com As we have also reported, the biggest of the awards was given by Solana as 10 million dollars.
Disclaimer: The articles and articles on AmkNews do not constitute investment advice. AmkNews.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is AmkNews an investment advisor. For this reason, AmkNews and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, asset or service in this article.
Warning: Citing the news content of AmkNews and quoting by giving a link is subject to the permission of AmkNews. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of AmkNews in violation of intellectual property law and relevant legislation.