A reentrancy vulnerability was found on the upgrade after an analysis of the blockchain.
Constantinople, the much anticipated hard fork of Ethereum, has been delayed as a serious vulnerability was found by the smart contract audit firm ChainSecurity.
On January 15, ChainSecurity explained in a detailed Medium post that although the upcoming hard fork reduces the gas cost for certain operations, it enables reentrancy attacks on Ethereum’s Blockchain using some specific commands.
Exploiting a reentrancy vulnerability, an attacker can steel cryptocurrency from a smart contract by continuously requesting funds and providing false data about the existing ETH balance. Similar vulnerabilities were found in the infamous DAO-attack of 2016.
According to the audit firm, this vulnerability is a side effect of the new features included.
On a Reddit thread, Afri Schoedon, the hard fork coordinator at Ethereum and release manager at blockchain infrastructure provider Parity Technologies, has confirmed that after a long emergency call, the core-devs of the projects have decided to pull the upgrade. Although no exact timeline was provided, Constantinople has been delayed until at least next Friday.
“Out of an abundance of caution, key stakeholders around the Ethereum community have determined that the best course of action will be to delay the planned Constantinople fork that would have occurred at block 7,080,000 on January 16, 2019,” Ethereum stated on its official blog.
Market Reaction
The impact of the delay can also be seen on the market, as ETH dropped 5.6 percent in the last 24 hours marking a weekly loss of more than 20 percent. Currently trading at $121, Ethereum has become the top daily loser among the top 15 coins, according to Coinmarketcap.com.
Although Constantinople was not going to provide any major user-related changes, the fork is more of a “maintenance and optimization upgrade” to achieve Ethereum’s long term goal of being a scalable network.
According to a Bloomberg report, Lane Rettig, one of the Ethereum core developers, believes that unlike other hard forks performed on blockchains, Constantinople is the ‘least eventful’ one.
“I really can’t imagine a less contentious hard fork, to be honest,” said Rettig. “Of all the hard forks in the history of Ethereum, it’s probably the least eventful one.”
Major exchange including Coinbase, Binance, Huobi, OKEx, Bitbox, and CEX.IO has already announced their support for the upcoming fork.
“[The delay] will require anyone running a node (node operators, exchanges, miners, wallet services, etc…) to update to a new version of Geth or Parity before block 7,080,000,” Ethereum stated.
Constantinople, the much anticipated hard fork of Ethereum, has been delayed as a serious vulnerability was found by the smart contract audit firm ChainSecurity.
On January 15, ChainSecurity explained in a detailed Medium post that although the upcoming hard fork reduces the gas cost for certain operations, it enables reentrancy attacks on Ethereum’s Blockchain using some specific commands.
Exploiting a reentrancy vulnerability, an attacker can steel cryptocurrency from a smart contract by continuously requesting funds and providing false data about the existing ETH balance. Similar vulnerabilities were found in the infamous DAO-attack of 2016.
According to the audit firm, this vulnerability is a side effect of the new features included.
On a Reddit thread, Afri Schoedon, the hard fork coordinator at Ethereum and release manager at blockchain infrastructure provider Parity Technologies, has confirmed that after a long emergency call, the core-devs of the projects have decided to pull the upgrade. Although no exact timeline was provided, Constantinople has been delayed until at least next Friday.
“Out of an abundance of caution, key stakeholders around the Ethereum community have determined that the best course of action will be to delay the planned Constantinople fork that would have occurred at block 7,080,000 on January 16, 2019,” Ethereum stated on its official blog.
Market Reaction
The impact of the delay can also be seen on the market, as ETH dropped 5.6 percent in the last 24 hours marking a weekly loss of more than 20 percent. Currently trading at $121, Ethereum has become the top daily loser among the top 15 coins, according to Coinmarketcap.com.
Although Constantinople was not going to provide any major user-related changes, the fork is more of a “maintenance and optimization upgrade” to achieve Ethereum’s long term goal of being a scalable network.
According to a Bloomberg report, Lane Rettig, one of the Ethereum core developers, believes that unlike other hard forks performed on blockchains, Constantinople is the ‘least eventful’ one.
“I really can’t imagine a less contentious hard fork, to be honest,” said Rettig. “Of all the hard forks in the history of Ethereum, it’s probably the least eventful one.”
Major exchange including Coinbase, Binance, Huobi, OKEx, Bitbox, and CEX.IO has already announced their support for the upcoming fork.
“[The delay] will require anyone running a node (node operators, exchanges, miners, wallet services, etc…) to update to a new version of Geth or Parity before block 7,080,000,” Ethereum stated.
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
Bitget's Bitcoin Reserve Ratio Soars Over 300% Following Halving
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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