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Cosmos patches ‘critical’ IBC protocol bug, saving $126M

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A $126 million bug in Cosmos’ Inter-Blockchain Communication protocol was patched after it was identified by blockchain security firm Asymmetric Research.

IBC has always had the bug, but it only recently became exploitable due to developments in the protocol’s codebase, Asymmetric Research said.

“We privately disclosed the vulnerability through the Cosmos HackerOne Bug Bounty program and the issue is now patched,” Asymmetric ResearchThe bug could have allowed a reentrancy attack, allowing a hacker to mint infinite tokens on IBC-connected chains such as Osmosis and other decentralized finance ecosystems on Cosmos.

Rate limits serve to prevent or at least mitigate attacks that attempt to overwhelm a system by controlling the rate at which requests are made.

 

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