Maker [MKR]: Security Firm Discovers Critical MakerDAO Vulnerability During Security Audit

Maker

Maker [MKR]: Security Firm Discovers Critical MakerDAO Vulnerability During Security Audit

Zepplin, a blockchain security firm has reported a critical vulnerability that affects MakerDAO system currently in production. The vulnerability which was found in one of the DappHub library contracts during an audit of the Maker Voting Contract being reviewed is said to be fixed and is not a threat to the MKR token contract anymore.

Do MakerDAO holders need to worry?

The discovered vulnerability has been confidentially reported to MakerDAO, according to a Medium post by Zeppelin. The team also says it has been working on a fix and have confirmed a fix. However, Maker holders who participated in the voting portal must be wondering if there is a reason to worry.

The Head of Community Development at Maker Foundation, in a Reddit post, said:

“You are not in danger of losing your MKR if you own one of the ~190 addresses who has staked MKR in the current MakerDAO Governance Voting Contract.” 

However, he encourages participants to move their MKR from the contract to their personal wallets, just in case, while those who did not participate have no reason to worry.

Assurance of safety

The Maker team also assures users of their continuing effort to make participation in the platform activities as safe and seamless as possible.

“The Maker Foundation is committed to ensuring everybody has a seamless experience making this shift, so please join us in our chat at #help. Support will be standing by to help anyone having issues or problems with transferring your MKR,” the announcement read.

Coinbase exchange-listed Maker in December 2018 as one of its traded assets.  The Maker Foundation is currently engaging in an audit of the Maker Voting Contract as part of routine security checks as is practiced by Coinbase. To properly secure the network, the Maker team is doing an urgent upgrade and will give a full account of the development as soon as it is complete, according to the Reddit post.

Summary
Maker [MKR]: Security Firm Discovers Critical MakerDAO Vulnerability During Security Audit
Article Name
Maker [MKR]: Security Firm Discovers Critical MakerDAO Vulnerability During Security Audit
Description
A critical security vulnerability has been discovered during a MakerDAO Voting Contract. Although MKR is not at risk, the voting participants are advised to withdraw their MKR to their personal wallets.
Author
Publisher Name
Coingape
Publisher Logo
Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Author: Ponvang Bulus

A cryptocurrency enthusiast, author, and investor with high motivation in cryptocurrency/blockchain research and writing. He loves birdwatching and traveling. Follow him on Twitter at @Ponvangbu

Post your comment...
Ponvang Bulus 62 Articles

A cryptocurrency enthusiast, author, and investor with high motivation in cryptocurrency/blockchain research and writing. He loves birdwatching and traveling. Follow him on Twitter at @Ponvangbu