Ethereum Pow Fork suffers his first smart contract hack
Ethereum Pow Fork suffers his first smart contract hack
- An attacker attacked the ETHW from a smart contract on the Proof-of-Work-fork for Ethereum
- cyber security researchers warn of similar attacks on other smart contracts of the ETHW
ETHPOW (ETHW), the young Proof-of-Work (Pow)-Fork from Ethereum, has experienced its first significant smart contract hack since the separation of the network at the end of last week.
The blockchain security infrastructure company Blocksec warned the users for the first time on Sunday of a so-called "replay attack", which used legitimate transactions on the proof-of-stake (POS) Ethereum blockchain alongside the defi application GNOSIS and the multi-token expansion omnibridge.
replay attacks and exploits can occur if cryptocurrencies-in this case wrapped ether (Weth) and ETHW-are treated as the same asset, even though they are technically available on completely separate blockchains.
Ethereum switched its pow-based consensus model to POS with a hard fork last Thursday. This has officially given up crypto-miner in favor of secured Validiers who instead of operating power-greedy GPU miners in the network in order to obtain the right to process transactions.
To continue the mining, some Ethereum participants decided to support a Pow fork in ETHW, a network that reflected every single Ethereum-bound asset, including ether, nfts and smart contracts that underpinning protocols such as gnosis and omnibridge.
Blocksec said Blocksec said that the attack is not a replay exploit "at the chain level", but an attack that results from a contract gap. This means that neither gnosis nor the Ethereum and Ethw networks were hacked. Instead, the Omnibridge Smart Contract incorrectly paid money on the proof-of-work-fork.
First, the Exploiter 200 packed ether (Weth), which is currently worth $ 260,000, transferred the omnibridge protocol of the Ethereum blockchain to the GNOSIS network.
The hack was to play the same transaction message on the Ethereum Pow-Fork in order to receive 200 ETHW from the copy of the Omnibridge Smart Treaty of this network.
The ETHW markets collapsed by about 40 % after the message of the Exploit became known for the first time-from $ 8 to $ 5. It is unclear whether the attacker paid out the 200 ETHW stolen in the attack, but they are now worth around $ 1,000.
The attack was possible because the Omnibridge on the Pow chain still accepts transactions that refer to the "Chainid" of the Proof-of-Stake Ethereum blockchain, a variable that serves as a clear identification for different blockchain networks. The POW-FORK uses a different chainid to separate actions between the two networks."As a result, the credit of the chain contract used on the Pow chain would be used up," wrote Blocksec. Security researcher warned Such attacks could occur on ETHW in advance of the forks.
gnosis co-founder Martin Koppelmann later tweeted that both Gnosis and Ethereum were "in no way affected".
"We do not support the (ETHW) chain and do not see ourselves responsible for what happens in this chain," said Koppelmann. He said the attacker started false Bridge activities to withdraw funds from ETHW.
A proposal to deactivate the connections of the bridge to the ETHW and effectively close this special security gap will be submitted to the Governance team that supervises the Omnibridge, he said. Blocksec warned in a blog that similar incidents could also occur elsewhere in the ETHW network.
ETHW Core, the Stewards of ETHW, confirmed on Sunday that the attack included a weak point in the bridge contract, and had notified omnibridge. href = "https://medium.com/@ethw/ethw-core-confirmed-that-a-change-vulnerability-Attack-Against-A-Bridge-Is-A-A-Replay-40BB7F9408"> in every way to inform you about the risks.
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The contribution Ethereum Pow Fork suffers from his first smart contract hack is not a financial advice.
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