Blockchain networks face growing security challenges as malicious actors exploit vulnerabilities in smart contracts, with Coinbase's Base network leading in high-risk detections.
Analysis of smart contract vulnerabilities by Trugard Labs reveals Coinbase’s Base network had the highest detections in August, with over 34,000 high-risk vulnerabilities identified.
Key Takeaways:
Coinbase's Base network was found to have the highest number of high-risk smart contract vulnerabilities in August, according to data from Trugard Labs.
Base network's vulnerability to Digital Signature issues was highlighted, with nearly 22,000 detections related to tampering in standard libraries.
Malicious boolean checks on token transfers were also identified as a major risk on Base, with over 6,300 instances detected.
The analysis suggests that web2 hackers are shifting focus to web3, with cybercriminal groups adapting their tactics to exploit vulnerabilities in decentralized finance protocols.
Analysis by Trugard Labs has identified Coinbase’s Base network with the highest detections of smart contract vulnerabilities in August, with over 34,000 high-risk vulnerabilities. The analysis, which utilized Trugard's Xcalibur tool to assess risks in smart contracts on multiple blockchain networks, aimed to highlight the vulnerability of protocols deployed on various networks to exploitation.
According to the data, Base network was found to be particularly susceptible to Digital Signature issues, with nearly 22,000 detections. These detections were primarily related to tampering in standard libraries, such as SafeMath, which is designed to prevent overflows in arithmetic operations. The analysis also identified malicious boolean checks on token transfers as a major risk on Base, with over 6,300 instances detected. These checks could potentially block or manipulate token transfers, presenting a key vulnerability.
The analysis further revealed several other major threats across the Base network, including unauthorized token burns, balance updates, and controlled minting attacks. Hidden balance updates and minting manipulations were also detected across Ethereum and BNB Chain (formerly Binance Smart Chain, BSC), albeit in smaller numbers.
The findings suggest a shift in focus by cybercriminal groups, which were once primarily active in web2 and are now turning their attention to the rapidly expanding web3 ecosystem. As the decentralized finance (DeFi) sector grows, so does its appeal to threat actors. In the past, web2 criminals specialized in phishing, ransomware, and exploiting vulnerabilities in centralized systems. However, Trugard's analysis indicates that those same tactics are now being adapted to exploit vulnerabilities in smart contracts, decentralized finance protocols, and blockchain networks.
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