Major Flaw in Polkadot Parachains Found, Exposing $200 Million in Value 

A security researcher uncovered a possible vulnerability that might have resulted in the loss of up to $200 million from Moonbeam, Astar Network, and Acala, three Ethereum-compatible parachains on the Polkadot network.

Frontier, a program used for “wrapping” native coins on the three Polkadot network blockchain projects, was determined to be vulnerable in June. Before any bad actors could take advantage of the vulnerability, the teams behind the three parachains worked to resolve the problem and delivered an emergency patch, so no funds were lost.

The winners were Moonbeam and Astar, who were both given the “pwning” prize. Getting a $1,000,000 prize through Immunefi, with $250,000 coming from Parity.

The early 2022 discovery of a vulnerability in Aurora, an EVM (Ethereum Virtual Machine) compliant blockchain, resulted in a $6 million prize for Pwning.eth.

According to The Block, a security researcher going by the name of pwning.eth found a software flaw in three Ethereum-compatible parachains on the Polkadot network: Moonbeam, Astar Network, and Acala. This flaw might have resulted in a loss of up to $200 million.

Frontier, a program used for “wrapping” native tokens on the three blockchain projects (sometimes called parachains) on the Polkadot network, was determined to have a flaw in the month of June. The serious flaw in Immunefi, a crypto-focused bug-hunting platform, was discovered and reported by Pwning.eth on June 27; nevertheless, the discovery was just recently made public.

Also Read: U.S. Officials Will Take 460 Million Shares Of Robinhood In An FTX Fraud Investigation

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

- Advertisement -

Comments are closed.