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Hundreds of Blockchain protocols are now being faced with security threats of zero-day exploits that could see them losing about $25 billion worth of crypto. An assessment made by cybersecurity firm, Halborn discovered a number of significant and exploitable flaws in over 280 blockchain networks including Litecoin and Zcash.
Based on the details, Halborn researchers discovered numerous vulnerabilities in the open-source code for blockchain networks with a similar codebase to that of Dogecoin and Litecoin.
Three different sorts of vulnerabilities were found by the researchers, the first of which relates to peer-to-peer (p2p) communication. With this flaw, an attacker can design malicious consensus messages to transmit to specific nodes, leading them to shut down and ultimately exposing the network to serious dangers.
For the second vulnerability, valid credentials are necessary for effective exploitation. This lessens the possibility of the entire network being in danger, due to the fact that some nodes implement the stop command.
On the other hand, the third flaw enables hackers to run code as the user who is running the node using a Remote Procedure Call (RPC). Interestingly, the found vulnerabilities have already been patched in Dogecoin, Zcash, and Litecoin, although Halborn estimates that there may still be hundreds of them.
Similarly, Jump Crypto, an investment firm, recently found a bug in the BNB Beacon Chain that might have led to a significant loss.
How to Mitigate Blockchain Security Vulnerabilities
It is critical that blockchain developers and users take proactive measures to improve network security. This includes enforcing strict access controls, encrypting sensitive data, and regularly updating software and security patches.
Furthermore, backup plans and disaster recovery procedures must be in place to mitigate the impact of any security breaches that may occur. This includes regularly backing up data and putting in place processes to ensure that critical blockchain infrastructure can continue to operate even if a security incident occurs.
Based on these evaluations, Google Cloud has developed a service to assist users who are vulnerable to bitcoin mining threats. Similarly, the Australian government has planned a mechanism to strengthen the penalty for wrongdoers in order to take real action against ransomware.
The post Blockchains Security Firm Warns of Impending Massive Zero-Day Exploits appeared first on Latest News and Insights on Blockchain, Cryptocurrency, and Investing.
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