NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?

Over 3,000 Ethereum Smart Contracts Contain Major Security Flaws

newsbtc
newsbtc
4 years ago
2 mins read
ethereum

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Ethereum smart contracts are hot technology as of right now. While many companies see merit in this technology, there are security issues a swell. Researchers discovered several vulnerabilities which put millions of Dollars at risk. This is worrisome news, although there is a positive side to it as well.

Security Flaws in Smart Contracts

There are many different aspects to smart contracts. Templates can be used, but any additional code is always a security risk. Considering how there are so many Ethereum-based contracts out there, it is good to know if they are secure or not. According to new research, the future isn’t looking all that bright as of right now.

Through a new approach to sniff out vulnerabilities, researchers aim to improve the security standards. Unfortunately, they already discovered over 3,000 vulnerable contracts in existence right now. These contracts have a combined value of nearly $6m at current Ether prices. If someone were to take advantage of these flaws, things can get out of hand pretty quickly.

The main problem is how smart contracts are used to manage other people’s money. While it sounds convenient, there is always a trade-off to be made. The fact existing contracts cannot be amended is a big problem. Especially if a security flaw is discovered, there is nothing to be done about it. For some reason, this is a major design flaw which never was much of an issue, until now.

Analyzing the Code is Difficult

Even though smart contracts are designed to simplify operations, their code is pretty complex. Every contract is written by a human coder, yet their input is difficult to analyze. As such, it can take months, if not years, until major security flaws come to light. The researchers explained they use a different approach to find flaws:

“Assume we put a few coins in the machine, and just start randomly pushing buttons hoping that the inner workings of the vending machine—which we have no knowledge about, springs and whatnot—eventually releases the latch so you can take the candy.”

By creating a private fork of the Ethereum chain, the researchers can execute permutations of interactions. As such, they can monitor these creations for abnormal behavior. It is not the most convenient approach, but it seems to work just far. No specific information regarding the nature of these flaws has been disclosed as of right now. Rest assured criminals are already probing for weaknesses by the time the information goes public.

Tweet123Share196ShareSend
newsbtc
newsbtc

newsbtc

Comments 9

  1. lez says:
    8 years ago

    Source?

    Reply
  2. Sypher says:
    8 years ago

    just fud

    Reply
  3. wolfystrade says:
    8 years ago

    What happened to just good old digital currency, how about get step 1 right first.

    Reply
  4. James Willert says:
    8 years ago

    Great, thanks for the FUD inducing title on an obviously unwarranted hit-piece given the details and prior public knowledge about this potential issue. My alt portfolio thanks you as well, you f#@%.

    Reply
  5. David Dunn says:
    8 years ago

    Yeah, this was a super-FUD article…

    Reply
  6. Gareth Smith says:
    8 years ago

    I am guessing this is “Transfer on behalf of” which the peer to peer exchanges like ED utilise but a number of recent ICO have disabled on advice from security auditors.

    Total guess, could be wrong.

    Reply
  7. Damien Somerset says:
    8 years ago

    No sources. No person associated with the quote. This article goes down in my book as rumor.

    Reply
  8. JayDoe says:
    8 years ago

    FUD LOL

    Reply
  9. Voz de Arroto says:
    8 years ago

    JP BUNTINX, FUD BOI

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Comments 9

  1. lez says:
    8 years ago

    Source?

    Reply
  2. Sypher says:
    8 years ago

    just fud

    Reply
  3. wolfystrade says:
    8 years ago

    What happened to just good old digital currency, how about get step 1 right first.

    Reply
  4. James Willert says:
    8 years ago

    Great, thanks for the FUD inducing title on an obviously unwarranted hit-piece given the details and prior public knowledge about this potential issue. My alt portfolio thanks you as well, you f#@%.

    Reply
  5. David Dunn says:
    8 years ago

    Yeah, this was a super-FUD article…

    Reply
  6. Gareth Smith says:
    8 years ago

    I am guessing this is “Transfer on behalf of” which the peer to peer exchanges like ED utilise but a number of recent ICO have disabled on advice from security auditors.

    Total guess, could be wrong.

    Reply
  7. Damien Somerset says:
    8 years ago

    No sources. No person associated with the quote. This article goes down in my book as rumor.

    Reply
  8. JayDoe says:
    8 years ago

    FUD LOL

    Reply
  9. Voz de Arroto says:
    8 years ago

    JP BUNTINX, FUD BOI

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

ethereum eth ethusd

Ethereum Slides 6% as Bulls Lose Grip on $4,500 Resistance; $4,000 Incoming?

Ethereum (ETH) has slipped 6.1% in the past 24 hours, falling below $4,300 after bulls failed to defend the crucial...

James Halver 1 hour ago
Solana

Solana Faces Deadly Selling Pressure After 312,233 SOL Deposit Into Coinbase – Here’s The Value

Solana (SOL) investors are witnessing rising volatility as a surge in whale activity signals deadly selling pressure in the market....

Scott Matherson 4 hours ago
Eerste Chinese stablecoin debuteert - wereldwijde crypto race verhit

Eerste Chinese stablecoin debuteert – wereldwijde crypto race verhit

China heeft zijn eerste officiële stablecoin geïntroduceerd, gekoppeld aan de offshore yuan (CNH). De presentatie vond plaats tijdens de Belt...

Lars Diederiksen 4 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Bitcoin

Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?

Ronaldo Marquez 35 minutes ago
crypto

More Than 6 In 10 Use Crypto For Passive Income, 46% To Beat Inflation – Study

Christian Encila 54 minutes ago

Prezzo Ethereum: ETH scende del 6,1%: test dei 4.000 $ in vista

clararosati 1 hour ago

Premium Sponsors

Press Releases

  • 5 mincí, které by v kryptobublině v roce 2025 mohly dosáhnout 10 miliard dolarů

    5 mincí, které by v kryptobublině v roce 2025 mohly...

    1 hour ago
  • 5 érme, amelyek 2025-ben elérhetik a 10 milliárd dollárt a kriptobuborékban

    5 érme, amelyek 2025-ben elérhetik a 10 milliárd...

    2 hours ago
  • 5 monet, które mogą osiągnąć 10 miliardów dolarów w bańce kryptowalutowej w 2025 roku

    5 monet, które mogą osiągnąć 10 miliardów dolarów w...

    2 hours ago
  • 5 монети, които биха могли да...

    2 hours ago
  • Pet kriptovaluta koje u kripto balonu 2025. mogu dosegnuti tržišnu vrijednost od 10 milijardi dolara

    Pet kriptovaluta koje u kripto balonu 2025. mogu dosegnuti...

    4 hours ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.