Major Vulnerability Found In Inter-Blockchain Communication Protocol
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There was a recent assessment, made by the Asymmetric Research, and it found that there was a major vulnerability in the inter-blockchain communication protocol (IBC). It was used to ensure that single cosmos chains could interact with each other.
It was realized from this assessment that the interaction between modules removing commitment controls could be replicated. And the indication of this, was that it created a chance to take advantage of the bug, and use it to create endless numbers of IBC tokens.
Lots of chains were exposed to this risk and vulnerability, Osmosis was one of them. Osmosis is among the biggest cross chain decentralized exchanges that you can find on the Cosmos ecosystem.
This vulnerability which could have been easily exploited was secretly exposed to Cosmos bug bounty platform, and it was fixed. And there was no losses experienced. Asymmetric Research explained that caution must be taken during the launching of new features, so that new vulnerabilities aren't created.