$LUNA HAS DISAPPOINTED US AGAIN! đ¤
Could It Have Been Prevented? đ¤đ
The most dramatic part of this story is that the IBC issue had been reported to LUNA months ago. However, they chose to delay the fix, leaving the platform exposed. In my opinion, this situation could have been avoided if LUNA had acted promptly. This incident underscores the importance of maintaining robust security measures for cross-chain communication features, including IBC hooks.
LUNA, one of the most renowned cryptocurrencies, recently suffered a loss of $5.3 million worth of tokens. How did this happen? It was due to an exploit in the Inter-Blockchain Communication (IBC) hooks. IBC is a feature that allows different blockchains to communicate and transfer data or assets between each other. Hackers discovered a vulnerability and exploited it, moving assets like ASTRO, USDC, USDT, and BTC without authorization.
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