Leading Chinese digital security firm Qihoo 360 reported of detecting a series of “epic” security vulnerabilities in the EOS network early on March 29th. These faults could allow potential attackers to gain remote access and control over any EOS node, which could have resulted in disastrous repercussions for the whole EOS network.
Since the attackers would be able to control any EOS node, simply said they could do whatever they want, including publishing malicious smart contracts, dig up cryptocurrencies, based on EOS, steal the key of EOS super node, control transactions on the network or even acquire user data, including the wallet keys.
Luckily such major faults were discovered by a security firm instead of some hackers, which would have resulted in an enormous hit not only to EOS but crypto sphere overall, as EOS currently ranks as the 5th-largest digital currency by market cap.
Qihoo 360 expanded on the issue in a Weibo post, stating that, “The series of new security vulnerabilities discovered by the 360 security team in the smart contract virtual machine on the EOS platform is a series of unprecedented security risks. Security researchers have not found such problems before. This type of security issue affects not only EOS but also other types of blockchain platforms and virtual currency applications.“
EOS has been gearing up for its upcoming mainnet launch which was scheduled for the 2nd of June. Qihoo 360 immediately reported the problems to the EOS team and their representative assured the mainnet launch will be held off should the bugs could not be fixed on time.
Understandably, EOS asked not to publicize the vulnerability, fearing the decrease in price of their token. While the news still broke out, it has been fixed on the same day, according to Cointelegraph, suggesting the mainnet is still due to be launched with no delay.
Qihoo 360 remained hopeful that “The discovery and disclosure of this loophole will cause the blockchain industry and security peers to pay more attention to the security of such issues and jointly enhance the security of the blockchain network.”
While such news might hurt EOS in short-term, as their token was the only one sliding in an otherwise profitable day for major cryptocurrencies, the long-term effects might prove to be beneficial. Collaboration with such a prominent and respected security firm will likely result in improving the overall security of EOS blockchain before the anticipated launch date and might even prevent further attacks on the network.
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I have been following the crypto markets since mid 2017, just in time to witness the incredible surge of the digital asset industry. Fascinated by the potential of blockchain technology I’ve started to dig deeper and that’s how I ended up meeting the Toshi Times team. I hold a Political Science degree, therefore the crypto regulation development is particularly interesting for me. I’m also heavily involved with music, running my own label, a YouTube channel and working with distribution. People call blockchain the ‘Fourth Industrial Revolution’ and I believe it will change our daily lives in the coming years and we will have the front row seats to witness it.