Crypto security experts have identified and mitigated a significant threat impacting numerous smart contracts, potentially averting over $10 million in crypto theft. On Thursday, Venn Network researcher Deeberiroz revealed a backdoor exploit that had been endangering the ecosystem for months, specifically targeting uninitialized ERC-1967 proxy contracts. This vulnerability was discovered on Tuesday, prompting a 36-hour rescue operation involving various developers and security researchers, including Pcaversaccio, Dedaub, and Seal 911, who collaborated to assess affected contracts and secure at-risk funds. Or Dadosh, co-founder of Venn Network, explained that the attacker had preemptively compromised contract deployments, embedding a hidden backdoor in thousands of contracts. Following the attack, the hacker maintained an undetectable backdoor for months, rendering malicious actions nearly invisible once contracts were initialized. The researchers successfully concealed the vulnerability during the operation, allowing several decentralized finance protocols to safeguard hundreds of thousands in crypto. The affected protocols, including Berachain, acted swiftly to pause vulnerable contracts and secure user funds. Read more AI-generated news on: https://app.chaingpt.org/news