Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesBotsEarnCopy
Terra Again Scandal! It Turns Out to Be a New Security Vulnerability! Here are the Details

Terra Again Scandal! It Turns Out to Be a New Security Vulnerability! Here are the Details

BitcoinsistemiBitcoinsistemi2024/07/31 09:24
By:Utku Yanık

The Terra blockchain reported a security breach that led to the theft of tokens worth approximately $3 million.

The Terra Blockchain reported a security breach that led to the theft of tokens worth approximately $3 million.

Hacker Exploits IBC Hooks Vulnerability to Steal Tokens on Terra Blockchain

The attack targeted a known vulnerability in the IBC hooks module, a third-party component used for cross-chain contract calls and token movements.

The anonymous hacker exploited this vulnerability to extract value from bridged assets, including the USDC stablecoin and Astroport tokens.

The incident prompted Terra to take immediate action, including taking immediate action to prevent further token theft. The blockchain platform coordinated with its validators to deploy an emergency patch addressing the vulnerability.

Related News According to the Research Report of Investment Bank Jefferies, US Elections Will Determine the Future of Bitcoin! Here are the Details

“We will work with validators at Terra to apply an emergency patch to address a suspected vulnerability,” Terra said.

The vulnerability was first discovered and patched across the Cosmos ecosystem in April.

However, a subsequent upgrade to the Terra network in June did not include this patch, causing it to be exposed again.

Zaki Manian, co-founder of Sommelier Finance, elaborated: “There was a vulnerability in IBC hooks discovered by Composable Finance in April. It was patched across Cosmos. Terra was also patched at that time.”

Apparently Terra's June upgrade did not include the patch. All Axelar USDC bridged to Terra were stolen using the IBC hooks exploit. A large amount of ASTRO was also stolen.”

This incident marks another significant challenge for Terra, which is hard forking from the Terra Classic network following the massive financial crash in 2022.

The previous crisis was triggered by the algorithmic stablecoin UST losing its peg to the US dollar, causing widespread financial turmoil.

*This is not investment advice.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Tether’s U.S. Treasury holding approaches record high of $120B

Share link:In this post: Today, Tether published its Q1 2025 attestation report prepared by BDO, confirming total exposure in U.S. Treasuries approaching $120B. Tether also reported over $1B in operating profit from traditional investments during the quarter, driven by solid performance in its U.S. Treasury portfolio. The milestones reinforced the company’s conservative reserve management strategy and highlighted its growing role in distributing dollar-backed liquidity at scale.

Cryptopolitan2025/05/02 05:56

Automakers like Ford in solid April sales driven by panic buying amid tariff worries

Share link:In this post: Consumers rushed to buy vehicles on fears of potential price hikes due to the Trump tariffs. While there was strong demand which started in March, this started to wane towards the end of April. For Ford, it reported a 16% sales increase in April.

Cryptopolitan2025/05/02 05:56

Arbitrum offers as much as $100k per report to snitch on wasteful DAOs

Share link:In this post: Arbitrum is offering up to $100,000 in ARB tokens to community members who report DAO grant misuse. The “Watchdog” program encourages confidential whistleblowing via the open-source platform, GlobaLeaks. Severity of violations determines the reward, with a funding cap of 400,000 ARB.

Cryptopolitan2025/05/02 05:56
Arbitrum offers as much as $100k per report to snitch on wasteful DAOs

Meta, Microsoft earnings beat send stocks higher

Big Tech pulled US indexes back into the green Thursday, as investors waited for two more Mag 7 first-quarter reports after the bell

Blockworks2025/05/02 05:00