The digital currency exchange platform Cosmos, most popularly known as “Blockchain 3.0”, detected a security defect on the Inter Blockchain Communication (IBC) platform. Cosmos’ major concern was that it may affect all the IBC enabled chains. Ethan Buchman, the co-founder of Cosmos, assured users by saying that the company is taking certain measurements to protect the chains from security breaches.
A lot of investors believe that Cosmos is a safe place to invest in because it maintains safe and secure transactions on its platform. Cosmos uses hybrid Proof-of-Stake (PoS) to stake the ATOM tokens. The trading on the Cosmos platform will be carried out without involving any middle agents.
By tomorrow evening, Buchman was going to release certain patches on the Cosmos platform that protect the chain from vulnerabilities. Buchman recommended that every investor apply quickly as soon as it is released on the network.
“A chain is safe from the critical vulnerability as soon as ⅓ of its voting power has applied the patch. Chains should still seek to patch to ⅔ as quickly as possible once the official patch is released.”
Cosmos has the capability to solve any problems that are faced by the blockchain platforms. At the time of writing, the price of Cosmos was trading at $11.08 (USD) with a trading volume of $230,386,503 (USD) and the supply of ATOM tokens was a maximum of 286,370,297. In the current CoinMarketCap ranking, Cosmos is trading at #22.
Recently, several crypto platforms have been attacked. Most of the cyber attacks were carried out by the Lazarus group, mainly targeting the DefI platform. One of them was the Ronin Bridge; it lost a total of $625 million (USD) in attacks.
On October 6 2022, Binance suspended withdrawals and deposits due to continuous exploitation on the platform.
“We have suspended BSC after having determined a potential exploit. All systems are now contained, and we are immediately investigating the potential vulnerability. We know the community will assist and help freeze any transfers.” He further added that the funds on the platform are protected.
The Cosmos’ main goal is to lower the price and reduce the emission of large scales of carbon, which are emitted primarily on the Proof-of-Work (PoW) blockchain platforms. The major cryptocurrency places to buy Cosmo assets at the current price are : Binance, BTCEX, Deepcoin, Bitrue, and OKX.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2022/10/14/cosmos-discovered-a-significant-security-breach-on-ibc/