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Cosmos Ecosystem Chains Affected By CosmWasm Vulnerability

Over 20 Cosmos app chains were impacted by the high-severity security vulnerability due to CosmWasm smart contract.
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Cosmos Ecosystem Chains Affected By CosmWasm Vulnerability

Cosmos ecosystem chains were impacted by a significant high-severity security vulnerability, which can disrupt the confirmation of new transactions on-chain causing a potential network-wide outage. Some of the major Cosmos-based chains are Injective, Celestia, Cronos, THORChain, Osmosis, Kava, Terra Luna Classic, and others.

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CosmWasm Smart Contract Security Vulnerability

CertiK recently uncovered a significant vulnerability in the CosmWasm smart contract platform within the Cosmos ecosystem and shared it with Confio for a patch to resolve the critical issue.

Over 20 app chains were impacted by the high-severity vulnerability. It allows untrusted Wasm submissions on chains to disrupt the confirmation of new transactions on-chain, which could have led to a potential network-wide outage.

The CosmWasm team worked in collaboration with CertiK to develop and release an effective patch on January 10. The affected app chains were notified to ensure preventive measures and address the issue without impacting users, while finalizing backports to CosmWasm 1.2, 1.3, 1.4, and 1.5.

“We extend our gratitude to the CertiK team for their professionalism and commitment to maintaining the security of CosmWasm and the broader crypto ecosystem. Our appreciation also extends to the dedicated community of white-hats, whose continuous efforts play a crucial role in safeguarding the broader crypto ecosystem,” said CosmWasm.

Also Read: Binance Files Joint Response To US SEC’s Terra Lawsuit Supplemental Authority

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Performance Of Cosmos Ecosystem Tokens

Only some Cosmos ecosystem tokens’ prices were impacted by the vulnerability in the last few weeks. The timely release of the patch and other measures prevented severe network outages.

Celestia (TIA) price has rallied over 50% in a week amid several developments including staked unique wallets surpassing 300,000. TIA price trades up 2% at $19.88 in the last 24 hours.

Injective (INJ) price trades at $39.30, up nearly 4% in the past 24 hours. Trading volume has jumped marginally over the last 24 hours.

LUNC price fell nearly 1% in the past 24 hours, with the price currently trading at $0.0001213.

Also Read: Scammers Favor Tether (USDT) For Illegal Activities — Report

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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