Research Team Finds Vulnerabilities in Ethereum Smart Contracts

Research Team Finds Vulnerabilities in Ethereum Smart Contracts

A team of researchers from Singapore and the UK have discovered that 3.4% of Ethereum smart contracts may have vulnerabilities in their code that could put millions of dollars of ETH at risk.

The study examined three types of vulnerabilities: contracts that could be locked indefinitely, contracts that could be exposed to any user, and contracts that could be terminated by anyone.

Using a tool to analyze nearly 1 million smart contracts, the team found that around 34,200 had vulnerabilities. In the exploitable contracts, there were about 4,905 ETH worth approximately $4.4 million that could be withdrawn, with an additional 6,239 ETH locked in terminated contracts.

The authors of the report recommended that smart contract developers perform thorough testing and multiple audits to minimize the risk of such vulnerabilities.

Here are some images to better understand Ethereum and smart contracts:

Ethereum is a decentralized, blockchain-based platform that allows developers to build and deploy smart contracts.

A smart contract is a self-executing contract with the terms of the agreement between buyer and seller being directly written into lines of code.