Terra Attackers Minted Millions Via IBC Contract Exploit
CryptoNewsTerminal Staff31 Jul, 2024
Terra Attackers Minted Millions Via IBC Contract Exploit
Blockchain security firm Beosin has reported that attackers deployed a malicious CosmosWasm contract through IBC, taking advantage of a vulnerability in the ibc-hook's OnTimeout callback to mint substantial amounts of ASTRO, USDC, USDT, and BTC amounting to approximately $52.8 million. Terra has previously announced the suspension of its chain and the implementation of an emergency patch to address the vulnerability.