- Published on October 5, 2022
- In IT Services
The Tyranny of Vague Web3 Security Threats
In conversation with Analytics India Magazine, OpenZeppelin explained that while legacy services can have backups and options to “roll back” their databases, everything that happens on a truly decentralised blockchain is more or less irreversible.
- By Tausif Alam
In 2016, The DAO, first-ever decentralised autonomous organisation (DAO) built on Solidity, lost 3.6 million Ether, worth about $70 million (about $1.4 billion in today’s price), to the re-entrancy attack.
The hacker first made a small contribution to The DAO and then requested many withdrawals. The smart contract failed to update itself after the withdrawal and the attacker continuously called the withdraw function to drain the contract’s funds.
In this kind of attack, the attacker re-enters the function over and over again while calling it; thus the word ‘re-entrancy’.
The re-entrancy attack on The DAO exposed the vulnerability in the EVM-based smart contract that also led Ethereum to hard-fork and create a completely new blockchain called Ethereum 2.0.
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Tausif Alam
Tausif Alam has been covering technology for almost a decade now. He is keen about connecting dots and bringing a wholesome picture of the tech world.
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