Cryptocurrency News

EOS Vulnerable And Wide Open To “Massive Exchange Hack” Says Emin Gün Sirer

On Saturday a bug infiltrated the EOS network and caused its blockchain to grind to a halt for several hours. The bug was quickly “patched” up, patched, but EOS creators Block.one have come under fire for pushing EOS on the market without sufficient analysis. However, a noted security expert believes that EOS will now be the target of a “Massive Exchange Hack.”

EOS has just endured a stress-filled first weekend, complete with a major bug, a mainnet freeze, a blockchain shutdown, and extensive criticism that Block.one put EOS on the market too early. However, an even bigger problem for EOS could be on the horizon. A noted blockchain researcher is predicting that the nascent cryptocurrency’s codebase will suffer a “massive exchange hack” within the near future.

Who Is Emin Gün Sirer?

Turkish-born American Emin Gün Sirer is an associate professor of computer science at Cornell University, and one of the most respected experts in the field of blockchain technology and cryptocurrency. Sirer wrote several influential white papers on Bitcoin, and one that altered the course of Ethereum’s development.

Increasingly, Sirer’s field of expertise has included the development of anti-hacking security systems. In a 2016 interview in Forbes, he was asked what he perceived to be the main threat to Bitcoin’s security. Sirer answered:

“Everything. When you have so much value, everything you’ve got is essentially a bounty. Bitcoin has become the universal bug bounty.”

What Did Sirer Say About EOS?

On Monday (June 18) Professor Sirer took to his Twitter page and proceeded to scare the bejesus out the folks at Block.one by forecasting that EOS will be at the center of a major cryptocurrency exchange hack at some point during the next twelve months. Here’s what Sirer wrote on his tweet:

“I’m calling it: there will be a massive exchange hack within the next year, taking advantage of an EOS vulnerability. That exchange will lose its hot wallet.”

“If EOS uses its arbitrators to reverse the hack, the contagion will spread downstream,” he added. There will be threats of lawsuits involving the devs and the [block producers].”

Sirer admitted that his prediction is not based on any specific vulnerability he detected within EOS, but stated it was likely because of the way EOS’ developers “handle safety critical bugs.” “You can’t incrementally patch your way to correctness,” said Sirer.

“In the same vein, you can’t start out with some bricks, beams and cables over a body of water, patch the holes where cars fall into the ocean, and end up with a load-bearing bridge.”

Sirer also advised users to demand greater clarity from developers regarding patches:

“Ask that development teams provide careful post mortems after bugs, describing not only the patch to fix them, but the changes made to address whatever gave rise to the bug in the first place,” he said.

Wrapping up, Sirer warned crypto users not to store their coins on cryptocurrency exchanges, because if his  prediction were to come true, it could affect all currency holders, not just those who own EOS.

Related posts