Cosmos, Osmosis to deploy patch on all major public IBC chains to fix potential exploit Cosmos, Osmosis to deploy patch on all major public IBC chains to fix potential exploit

Cosmos, Osmosis to deploy patch on all major public IBC chains to fix potential exploit

Cosmos co-founder Ethan Buchman announced that a patch will be deployed on all IBC-enabled chains by on Oct. 14, 14:00 UTC as a preventative measure against a potential exploit.

Cosmos, Osmosis to deploy patch on all major public IBC chains to fix potential exploit

Cover art/illustration via CryptoSlate

Cosmos co-founder Ethan Buchman announced that a patch would be deployed on all major public Inter-Blockchain Communication (IBC)-enabled chains by tomorrow after they identified a vulnerability that may lead to a potential exploit via a blog post on Oct. 13.

The announcement of the patch deployment deadline comes after the core members of Cosmos and Osmosis identified a “critical security vulnerability” that may lead to a potential exploit that impacts all IBC-enabled chains as they conducted extensive audits in the aftermath of the $100M BNB Smart Chain (BSC) exploit on Oct. 6.

Patch release deadline

Buchman confirmed that the Cosmos and Osmosis developers will release the public version of the patch in the Cosmos SDK on Oct. 14, 14:00 UTC. He added that the team has already taken the necessary steps and has been working with developers across the ecosystem to make the patch available privately, and the chains are patched before communicating publicly.

Throughout the blog post, he repeatedly emphasized all chains and validators should upgrade to the newly released patch and that a chain halt is unnecessary in the patch deployment process.

Buchman also notified developers that a chain and developers’ projects are safe from critical vulnerability once one-third of a chain’s voters have voted to deploy the patch. The Cosmos and Osmosis teams aim to reach two-thirds of voting power as soon as possible once the patch is officially released tomorrow.

Posted In: Parachains

Connect your wallet, trade with Orion Swap Widget.

Directly from this Widget: the top CEXs + DEXs aggregated through Orion. No account, global access.