One new layer-2 Ethereum (ETH)-based altcoin jumped by triple digits as top US crypto exchange Coinbase added its support. Movement (MOVE) soared to a high of $1.45 Monday, a gain of more than 135% from its low of $0.616, as Coinbase announced the digital asset was listed on its platform for trading. MOVE has since […]
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A new Ethereum (ETH)-based layer-2 project is debuting with a fully diluted value (FDV) of more than $7.7 billion amid support from leading crypto exchanges. According to a new announcement, top crypto exchange Binance is supporting Movement (MOVE) through its airdrop portal. After the airdrop, MOVE will be available to trade in the MOVE/BTC, MOVE/USDT, […]
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While the hacked funds were fully recovered, the Thala token is still down roughly 35% since the incident occurred.
Decentralized finance firm Thala Labs has recovered $25.5 million of liquidity pool tokens stolen from one of its farming contracts after the hacker was quickly tracked down by law enforcement and crypto sleuths.
In a post on Nov. 16, Thala revealed it had suffered a “security breach” on Nov. 15 due to an “isolated vulnerability related to its v1 farming contracts, which allowed the hacker to withdraw liquidity tokens.
Thala said it immediately paused all relevant contracts and froze $11.5 million worth of Thala-related assets, and was able to quickly identify the hacker.
Investor and former crypto analyst at ARK Invest Chris Burniske says that digital assets are showing subtle signs of an early bull market move. Burniske, a partner at venture capital firm Placeholder, says that modest rallies amid bearish market sentiment bode well for crypto assets. “Continuing to see subtle green shoots, while public sentiment remains […]
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Movement Labs co-founder Rushi Manche claims his Ethereum scaling blockchain is peaking at 12,000 transactions a second on testnet.
Ethereum layer-2 blockchain Movement is aiming to be the “first fast” Ethereum scaler, with its co-founder claiming the network can process nearly double the number of transactions a second compared to its fastest rival at its peak.
Movement’s testnet, launched on July 30, had reached a peak of “over 12,000” transactions per second (TPS) and “in theory, could do 30 to 50 thousand,” Movement Labs co-founder Rushi Manche told Cointelegraph at Korea Blockchain Week.
“We’re gonna be the first fast L2 on Ethereum,” he claimed.
Crypto investor Chris Burniske says that Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and the crypto market in general look ready to make a run. The former head of crypto at ARK Invest tells his 292,200 followers on the social media platform X that several catalysts are now lining up, hinting that digital asset markets are […]
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Venture capitalist Chris Burniske says that one ecosystem in digital assets could be the one to watch in the near future. In a new interview with Real Vision founder Raoul Pal, Burniske, a partner at venture capital firm Placeholder, says he has his eye on the Move ecosystem. Move is a programming language originally built […]
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A closer look at how Sui’s object-centric model and the Move language can improve blockchain scalability and smart contract development.
The Sui blockchain has emerged as a novel layer-1 (L1) protocol, incorporating advanced technologies to address common layer-1 trade-offs. Cointelegraph Research unpacks the details of this newcomer to the blockchain space.
Sui uses the Move programming language, which was designed with a focus on asset representation and access control. This article examines Sui’s object-centric data storage model, its implications for transaction processing, and its potential advantages over traditional account-based paradigms.
Sui draws significant inspiration from the Diem blockchain, particularly in its use of the Move programming language for smart contracts. Move was designed with a type system specifically tailored to asset management and access control enforcement. Sui Move builds on this foundation with an object-centric data storage model that uses objects rather than accounts as primitives.
The vulnerability was located in a file that translates human-readable code into machine language for storage.
The Sui blockchain network quietly fixed a bug that could have put “billions of dollars” at risk, according to a May 16 announcement from Zellic, the security firm hired to audit the network’s security.
Loss of Funds Bug in Aptos and Sui
— Jasper | Neodyme (@JasperCPS) April 11, 2023
Quick spotlight on an unpublished (but fixed) loss-of-funds bug in the move verifier that seems to have been found by @zellic_io.
This would have allowed many types of exploits against Aptos or Sui based protocols.
The bug was in a dependency of the bytecode verifier, which ensures that the human-readable Move language used to write smart contracts on Sui is correctly transcribed into machine code during deployment. Had the bug not been fixed, it could have “allowed attackers to bypass multiple security properties, leading to potentially significant financial damages,” the announcement said.
In a statement to Cointelegraph, Mysten Labs confirmed that the the bug has been fixed in the SUI version of MOVE.
Zellic claimed that the bug may have also been present in other Move-based networks, including Aptos and Starcoin. However, they stated that the Aptos version of it was eliminated with a patch on April 10, according to the Zellic team.
Cointelegraph reached out to Aptos for comment but did not receive a response by publication.
In a conversation with Cointelegraph, a representative from the Move-based 0L network stated that the bug does not affect its version of Move. On May 15, 0L added a series of tests to their GitHub, which it says proves the exploit is not possible on the 0L version. The Starcoin team told Cointelegraph that their version was eliminated on April 5.
A blockchain network developed by Mysten Labs, Sui was founded by former Meta Platforms engineers. It’s a fork of the open-source Libra project created by Facebook-parent Meta. Libra was shut down in 2019.
Some developers favor Move smart contract language because its security features specifically benefit blockchains. For example, it allows developers to create custom data types, including a “coin” type that cannot be copied or deleted.
Related: Justin Sun issues apology after Sui LaunchPool clashes with Binance CEO
Like other blockchain networks, Sui does not store code in the same language it is written in. Instead, it converts this code from the network’s human-readable language to machine-readable bytecode.
In making this translation, Sui runs a series of verifications to ensure the translated code does not violate the security properties of the network. For example, it ensures that coins can’t be deleted or copied.
According to Zellic’s explanatory blog post, it was hired by Mysten Labs to do a security assessment of this verifier program. It did not find a bug in the verifier itself. However, it found a bug in the “Control Flow Graph” or “CFG” file that the verifier uses to accomplish many of its tasks. Because of how it was written, the CFG could allow certain lines of code to be hidden from the verifier, allowing code that violates the network’s security principles to be stored and run without getting caught.
In its explanation, the team stated that the most obvious way this vulnerability could have been exploited is by malicious borrowers taking out flash loans. When flash loans are implemented on Move-based networks, the loan protocol usually sends the borrower an asset that cannot be deleted. If the borrower can delete this asset, they “could successfully take out a flash loan and not repay the borrowed funds,” the team said. Other types of exploits could also have been possible since the vulnerability allowed the basic principles of Move security to be violated. It, therefore, “[placed] potentially billions of dollars at risk,” the security firm stated in its post.
Move-based networks and their apps have been making waves in the fundraising world lately. A Sui-based decentralized exchange called Cetus raised over $6 million in one minute on May 8. The company behind Aptos also raised over $150 million in July 2022.
This story was updated on May 16 to include statements from Mysten Labs and Starcoin confirming that the bug existed but has been eliminated through software updates.
