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Bad Coding Leaves 34,200 Ethereum Smart Contracts Vulnerable to Exploit

Friday Feb 23rd 2018 by Developer.com Staff

Smart contracts might not be so smart after all.

A new crop of security vulnerabilities is highlighting the potential downside to blockchain and Ethereum-based smart contracts. Researchers from universities in Singapore and the UK have discovered new coding bugs that leave 34,200 smart contracts open to exploit. They created and used a tool called MAIAN to find the coding flaws, and testing revealed that 89 percent of smart contracts with the flaws could be exploited, leaving more than $6 million open to theft.

Other security researchers said that cybercriminals were able to steal $225 million of the supposedly secure Ethereum in 2017.

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