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Summa founder James Prestwich has accused the $382 million According to a January. 30 article by Prestwich, this vulnerability "could result in all user funds being stolen."Zero bridging protocol of hosting a “critical vulnerability.”
According to a Jan. 30 post by Prestwich, this vulnerability “could result in theft of all user funds.” LayerZero CEO Bryan Pellegrino has called Prestwich’s accusation “absolutely shocking” and “wildly dishonest,” claiming that the vulnerability only applies to applications that don’t modify the default configuration.
To have a competitor post a very dishonest message about us is absolutely shocking. Happy to have @zellic_io @osec_io @ZOKYO_io or any other of the auditing firms come comment and dispel but let me summarize.
If you set up your own config, absolutely none of this is true https://t.co/zXdqkqO4rZ
— Bryan Pellegrino (@PrimordialAA) January 30, 2023
LayerBryan Pellegrino (@PrimordialAA) Jan 30, 2023 Yer. Its most notable application is the Stargate Bridge, which can be used to move coins between several different blockchain networks, including Ethereum, BNB Chain (BNB), Avalanche (AVAX), Polygon (MATIC) and others. Stargate has $382 million of total value locked (TVL) in its smart contracts as of Jan. Thirty, says the lama.
According to its whitepaper, the LayerZero protocol provides a trustless way of moving cryptocurrencies from one network to another. To do this, he uses an oracle and a relay to check that the parts are locked on a chain before allowing a piece to be struck on another chain. As long as the oracle and the relay are independent and not mutually exclusive, Coins cannot be struck on the destination chain without first being locked on the original chain.
However, Prestwich claimed in a Jan. 30 blog that the door of stars and other bridges that use the "default setup" for layerzero suffer from critical vulnerability. However, Prestwich said in a blog post Jan. 30 that Stargate and other bridges that use "default configuration" for LayerZero suffer from a critical vulnerability. This means that when layerzero is used with its default configuration, it relies on trust in the layerzero team instead of a decentralized protocol for its security.
Prestwich added that the stargate has this vulnerability because it uses the default configuration. To mitigate this vulnerability, prestwich advises developers of applications that use layerzero to modify their smart contracts in order to modify the configuration. However, he says that most layerzero applications always use the default configuration, endangering them.
Related: Cross-chain interoperability remains a barrier to crypto mass adoption
LayerRelated: Interoperability between channels continues to be an obstacle to crypto mass adoption.
Zero CEO Bryan Pellegrino vehemently denied Prestwich's allegations, describing them as "wildly dishonest" in a January 30 tweet. In a conversation with Cointelegraph on 31 January, Pellegrino said that all validation libraries "are permanently unchangeable, period." At the same time, the team will be able to add new libraries to the registry, whether an application has already selected a library or a collection of libraries to use, this can't be modified by layerzero team.
Pellegrino admitted that the library of an application "points a" can be edited by the layerzero team if the developer of the application uses the default values.
Not if the default configuration has been previously changed. As to Prestwich's claim that the door of the stars is in danger, pellegrino replied that the stargatedao had voted in January. With respect to Prestwich's assertion that the Stargate is under threat, Pellegrino replied that the StargateDAO had voted in January. 3 to change its library from default to more specific gas-saving.
The expectation is that this amendment will be implemented "this week (likely today)." In May, 2022, the Axie Infinity Ronin Bridge was exploited for $600 million by an attacker who stole keys to the developers’ multi-sig wallet and used it to mint coins without any backing. A similar attack occurred against the Harmony Horizon Bridge on June 24, 2022. The Harmony Horizon Bridge was similarly attacked on June 24, 2022. A similar attack was carried out on the Harmony Horizon Bridge on 24 June 2022.
