'Web3, Good Hygiene, and the Need for End to End Security' web3 oct_network
As the conversation around crypto security gets heated in response to a devastating year of losses to cybercrime –
You may be wondering ‘why should a project need regular audits at all? Shouldn’t one cover the project in its entirety?’. This is a common misconception. While any good smart contract auditprovide a comprehensive evaluation of a project’s underlying code, it cannot evaluate any changes or updates that occur after the audit has occurred, especially any time that a change is made to the underlying code.
Now, any smart contract worth its coin would warn you of the dangers of using an oracle that determines a price by using a trading pair as these can be easily manipulated. However, since the vulnerable smart contract was outside the scope of the initial audit, auditors were not given a chance to highlight the problem.
In each attack, the hacker targeted the same vulnerability in FEG’s smart contract. CertiK’s analysis of the exploit discovered that this was due to a flaw in the token’s, which directly takes user input “path” as a trusted party without any sanitation. In simple terms, this flaw allowed the hacker to repeatedly call functions that allowed them to gain unlimited allowances and drain the contract of its assets.
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