Optimal Security in the Cryptocurrency Ecosystem: Lessons from the Cosmos Incident
Information About the Incident and Complex Consequences
On June 16, The Block reported that, according to independent sources, Interchain Labs confirmed that an individual related to North Korea contributed to the source code of the Cosmos project while working for the former maintainer during the 2022-2024 period. This individual had limited access to parts of the codes of cosmos/IAVL and cosmos/cosmos-sdk. Almost all of this individual's contributions have been removed from the roadmap or overlooked. Independent audits also showed that these codes did not contain any significant security vulnerabilities.
Protection Policy, Enhanced Security, and Risk Prevention
To ensure transparency, Interchain Labs will double the rewards for a month on the HackerOne page of Cosmos, in order to encourage the community to discover vulnerabilities stemming from the GitHub account of the individual involved. Since ICL took over the development of the core system, they have implemented new security measures, reduced access rights, and denied nominations related to this individual. At the same time, the core source codes of Cosmos have significantly improved security. In the future, the related system will continue to be updated and unnecessary code parts will be removed.
The Importance of Security in the Cryptocurrency Market
This once again emphasizes the role of strict security testing processes in the broader cryptocurrency and blockchain technology field. Developers and investors need to have a clear understanding of measures to prevent attacks, internal risks, as well as damage mitigation strategies when facing fraud or cyber attacks. Protecting the cryptocurrency ecosystem is not only the responsibility of the platforms but also of the user community.
Conclusion
This event proves that, in the cryptocurrency space, software security is a top priority to avoid potential risks, maintain trust, and sustain the development of the ecosystem. Project development companies need to implement testing processes, continuous testing, and transparency to enhance security. This is a valuable lesson for all founders, investors, and the global cryptocurrency community.
Source: https://tintucbitcoin.com/interchain-labs-phat-hien-lo-hong-an-ninh-cosmos/
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