Cydia Dev Discloses Ethereum L2 Bug — Optimism Attacker Might Have ‘Printed an Arbitrary Amount of Tokens’ – Bitcoin Information


On February 10, the well-known developer of Cydia and iOS Jailbreak, Jay Freeman, in any other case often called Saurik, revealed a Twitter thread a couple of bug he discovered within the Layer-2 (L2) scaling protocol often called Optimism. In keeping with Freeman, the vulnerability, which has been patched, might have allowed an attacker to create an infinite quantity of tokens.

Cydia Creator ‘Saurik’ Discovers Optimism L2 Vulnerability

Jay Freeman is a outstanding software program developer who’s well-known for his iOS Jailbreak and Cydia instruments. Freeman’s Cydia graphical consumer interface (GUI) was launched in February 2008, and it provides customers with jailbroken iPhones the power to obtain unauthorized software program for the Apple smartphone working system iOS. Freeman lately revealed a weblog submit known as “Attacking an Ethereum L2 with Unbridled Optimism,” which explains how he reported a vital safety problem to the builders of the L2 scaling resolution Optimism.

Optimism’s L2 resolution permits customers to maneuver ethereum for a fraction of the fee. Presently, shifting ether utilizing Optimism can price $0.56 per switch versus the L1 gasoline charges as we speak that are $3.29 per transaction. To swap cash onchain utilizing L1 it would price a consumer $16.47 in ether however utilizing Optimism to swap cash will price $0.83. Freeman reported the Optimism vulnerability on February 2, 2022 and the bug has since been patched.

The assault would have allowed “an attacker to copy cash on any chain utilizing their “OVM 2.0” fork of go-ethereum (which they name l2geth),” Freeman stated. The developer additional defined that he plans to speak in regards to the Optimism vulnerability on February 18th at Ethdenver 2022. Freeman was additionally awarded a $2,000,042 bounty for locating the bug and disclosing it to the staff. The software program engineer’s weblog submit describes how the attacker might mint an arbitrary amount of tokens earlier than the bug was patched.

“The bug introduced right here — which I dub ‘Unbridled Optimism’ — can perhaps be (crudely) modelled as a bug on the far facet of a ‘bridge,’” Freeman wrote. “However is definitely a bug within the digital machine that executes good contracts on Optimism. Exploiting this permits the attacker to have entry to an successfully unbounded variety of tokens (aka, the IOUs) on the far facet of the bridge. It’s my competition that that is extra harmful than merely tricking the reserves into permitting a withdrawal.” The developer continued:

Additional, together with your unbounded provide of IOUs, you possibly can go to each decentralized alternate operating on the L2 and mess with their economies, shopping for up huge portions of different tokens whereas devaluing the chain’s personal forex. Utilizing your entry to infinite capital, you possibly can additional manipulate onchain pricing oracles to leverage for different assaults; and, till somebody lastly realizes your cash is counterfeit, arbitragers will flock to the community to promote you their belongings.

The Pessimism Surrounding Cross-Chain Purposes

Along with the vulnerability present in Optimism, Freeman mentioned cross-chain bridge know-how in nice element. The developer talked about that the identical day he disclosed the bug to Optimism, the Wormhole bridge was attacked. Freeman additionally touched upon the Poly Community hack in his submit. “Even when hackers do steal cash from a bridge, the ramifications are restricted,” Freeman’s weblog submit explains.

Freeman discovering the Optimism bug follows the slew of hacks in opposition to cross-chain bridges and the neighborhood’s newfound concern over the safety of this up-and-coming know-how. The Cydia developer’s weblog submit mentions ideas like “’insurance coverage insurance policies’ in opposition to crypto hacks.” Furthermore, Ethereum (ETH) co-founder Vitalik Buterin lately mentioned issues tied to the safety of cross-chain bridge platforms. “I’m pessimistic about cross-chain functions,” a current Reddit submit by Buterin declares.

Tags on this story

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Jamie Redman

Jamie Redman is the Information Lead at Information and a monetary tech journalist residing in Florida. Redman has been an lively member of the cryptocurrency neighborhood since 2011. He has a ardour for Bitcoin, open-source code, and decentralized functions. Since September 2015, Redman has written greater than 5,000 articles for Information in regards to the disruptive protocols rising as we speak.

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