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Ethereum

How Bad Is Ethereum’s Latest Geth Exploit?

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Ethereum blockchain’s most popular software client Geth also known as “Go Ethereum,” has faced a major exploit on the older versions yesterday. The bug impacted older versions of Geth clients, specifically v1.10.7 and earlier.

The exploit reportedly affected more than 50% of older Ethereum clients who have not updated to the latest hotfix released by Go Ethereum developers on August 24. As a result of the exploit, the Ethereum blockchain went under an unplanned hard fork splitting the blockchain in two. 74% of the clients use Geth and out of those 73% were on the older version which means a whopping 54% of Ethereum nodes are running with the bug.

The Go Ethereum team discovered the vulnerability on August 18 itself but didn’t reveal the nature of it to avoid others to exploit the issue. Ethereum team lead Péter Szilágyi had said they would reveal the attack vector on an upcoming date,

“The exact attack vector will be provided at a later date to give node operators and dependent downstream projects time to update their nodes and software,”https://twitter.com/go_ethereum/status/1428051458763763721?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1428051458763763721%7Ctwgr%5E%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fcoingape.com%2Fhow-bad-is-ethereums-latest-geth-exploit%2F

While the Go Ethereum team didn’t reveal the nature of the vulnerability, it seems the attacker managed to figure it out and went about attacking older clients that have not updated the hotfix. While the network requested everyone to upgrade to the latest version, the data suggest only 30% of validators did so which made the attack easier once the vulnerability was found.

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What was the Nature of the Attack and How Does it Impact Ethereum Blockchain?

The idea to make people aware of the bug in advance failed miserably as it was a matter of time before someone managed to identify the problem. The Ethereum developers believe the plan failed miserably but more so because the node validators failed to update to the patched version in time. The attacker managed to commit changes to a PRE-Compiled contract by adding a change to the same memory location as a function.

A Twitter user who goes by the name of “Good Guy Biker – Vancouver BC Canada” gave a complete breakdown of the exploit and also explained the nature of the attack. As a result of the vulnerability, the Etheruem network was running two chains simultaneously and if the bad one was not discarded in time it could have lead to a double-spend or 51% attack since a majority of validators had not updated their clients.

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Ethereum

Ethereum Price Prediction: ETH bears contemplate a drop to $2450

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  • ETH price is building up downside pressure while clinging to the 200-SMA support.
  • RSI remains flat below the midline, keeping the sellers cheerful.
  • A drop towards $2450 remains in the offing if the 200-SMA caves in.

Ethereum, the no.2 widely traded digital asset, remains under pressure for the second straight day, consolidating Friday’s steep losses.

ETH price snapped its two-day rebound from monthly lows of $2651, as it got sold-off into the latest Chinese crackdown.

The People’s Bank of China (PBOC) on Friday declared all cryptocurrency transactions as illegal, imposing a ban, which saw over $400 million worth of tokens liquidated within 24 hours. Ethereum lost as much as $420 at one point before recovering to $2930.61 at the close.

At the press time, ETH/USD is trading almost unchanged on the day around $2900, having bounced off from daily lows at $2800.

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Ethereum price defending 200-SMA but for how long?

Ethereum’s 12-hour chart shows that the price is wavering in a narrow range, remaining in close vicinity of the daily troughs, as ETH price is not out of the woods yet.

Having witnessed good two-way volatility recently, ETH price maintains its range play, with the bearish 21-Simple Moving Average (SMA) at $3185 capping the upside.

Meanwhile, the 200-SMA at $2734 continues to offer support to ETH bulls. However, with the Relative Strength Index (RSI) still holding below the midline and bear cross in play, the path of least resistance appears to the downside.  

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Note that the 21-SMA breached the 100-SMA from above, confirming a bear cross on the said time frame on Thursday.

Once the 200-SMA gives way, a test of the horizontal trendline support at $2450 cannot be ruled out. The $2400 round number would be next on the sellers’ radars.

ETH/USD: 12-hour chart

On the upside, immediate resistance is placed at the 21-SMA, above which the horizontal 100-SMA at $3305 will be put to test.

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ETH buyers will seek fresh entries above the latter, paving the way towards the downward-pointing 50-SMA at $3418.

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ETH Locked in DeFi on Historic Highs: Details

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Total number of Ethers utilized in various decentralized finance protocols spiked over 7.3 million

After a massive plunge in TVL, a decentralized finance ecosystem has recovered to observe some breathtaking metrics.

7,830,000 Ethers locked in DeFi

The net number of Ethers locked in various decentralized finance protocols spiked 12% in the past ten days. On Sept. 15, 2021, this indicator bottomed at a two-month low of about 6.95 million Ethers.

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More than 7.8M Ethers are locked in DeFi segment
Image by DeFi Pulse

As displayed by mainstream decentralized finances segment tracker DeFi Pulse, the total quantity of Ethers in all indexed protocols nets 7.8 million Ethers.

Aave Finance (AAVE), Compound Finance (COMP), Instadapp, Uniswap (UNI), Curve Finance (CRV) are the most popular protocols in terms of TVL.

The five leading DeFis are responsible for almost 6.9 million Ethers, or 85% of net TVL, tracked by DeFi Pulse.

Yearn.Finance (YFI), Rari Capital (RGT) are on fire

In the last 24 hours, two DeFi protocols, Yearn.Finance (YFI) and Rari Capital (RGT), registered double-digit gains.

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At the same time, the Ethereum 2.0 deposit contract targets almost the same numbers. As of Sept. 25, 2021, it has amassed 7.77 million Ethers.

Amid the current Ethereum (ETH) price dip, this massive amount of value is equal to $22.7 billion. To provide context, this sum can be compared to the market capitalization of Telenor, Credit Suisse, Suzuki and Warner Music Group.

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Ethereum Network Activity is Stagnant while ETH Price Hovers Below $3k Level!

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Ethereum price fell amid a broad selloff in the cryptocurrency market, fueled by fears of a brewing property bubble collapse in China. 

There’s a lot of fear and uncertainty in the crypto market right now. With news that China has officially declared all cryptocurrency transactions illegal, the Ethereum price, like the rest of the market, is under attack.

Ethereum Price Analysis:

The Major altcoin has lost 5.76% in the last 24 hours. Although it is now seeking to construct a firm support base at $3000. ETH Price had a tumultuous start, rising to an intraday high of $3,114 in the early morning before reversing course. 

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To reach the first big resistance level at $3,149, Ethereum would have to break past the $2,942 pivot. Support from the larger market, on the other hand, would be required for Ethereum to reclaim the $3,100 barrier. Unless there is a sustained crypto rally, the first significant resistance level and Friday’s high of $3,160.48 will likely act as a ceiling on the upside.

Network Activity is Stagnant

According to Santiment, most speculators are shifting away from Ethereum (ETH) in pursuit of better options with larger returns on investment. 

Exchanges are seeing an influx of Ethereum, implying that people are selling their holdings in response to the recent marketwide crypto slump. 

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Santiment claims that network growth has been static for several months before the price of ETH fell.

This is attributed to growth in other Layer-1 initiatives like Avalanche (AVAX), Fantom (FTM), and Cosmos (ATOM), as well as decreased speculation in the non-fungible token (NFT) market.

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