Security

In an X post, Thirdweb, a prominent web3 developer platform, exposed a significant security vulnerability in a “commonly used” open-source library, impacting various <a href="https://coingape.com/glossary/nft-non-fungible-token/" target="_blank" rel="noopener noreferrer nofollow">non-fungible token (NFT)</a> collections. Meanwhile, this revelation has sparked speculations in the <a href="https://coingape.com/glossary/cryptocurrency/" target="_blank" rel="noopener noreferrer nofollow">cryptocurrency</a> community, involving major players like OpenSea and Coinbase, who now find themselves grappling with potential security risks.
Notably, as the industry faces disruption, the affected parties are swift to respond, working collaboratively to address the issue and reassure users.
<h2 id="opensea-coinbase-nft-s-response-to-the-security-breach">OpenSea &amp; Coinbase NFT’s Response To the Security Breach</h2>
Thirdweb became aware of the vulnerability on November 20, affecting its pre-built <a href="https://coingape.com/glossary/smart-contract/" target="_blank" rel="noopener noreferrer nofollow">smart contracts</a>, including those on OpenSea and Coinbase NFT. <a href="https://coingape.com/opensea-valuation-plummets-as-tiger-global-faces-significant-loss/" target="_blank" rel="noopener noreferrer nofollow">OpenSea</a> acknowledged the issue, assuring users of ongoing collaboration with Thirdweb to address security concerns. In addition, Coinbase NFT echoed similar sentiments, confirming notification on December 1 about impacted collections on its platform.
Meanwhile, according to OpenSea’s statement, they mentioned being in contact with Thirdweb regarding the security vulnerability affecting certain NFT collections. Coinbase NFT also reassured users that no breach occurred on its platform, emphasizing the safety of customer funds.
Notably, the <a href="https://coingape.com/education/whats-layer-1-layer-2-and-layer-3-in-blockchain-key-differences-with-examples/" target="_blank" rel="noopener noreferrer nofollow">Layer 2 network</a> Base, supported by Coinbase, has also responded to Thirdweb’s report and stated that the problem impacts specific NFT contracts deployed on the platform.
Also Read: <a href="https://coingape.com/bitmex-announces-terra-classic-lunc-perpetual-contract-listing-after-ustc/" target="_blank" rel="noopener noreferrer nofollow">BitMEX Announces Terra Classic (LUNC) Perpetual Contract Listing After USTC</a>
<h2 id="mitigation-efforts-and-future-security-measures">Mitigation Efforts and Future Security Measures</h2>
Thirdweb outlined steps to mitigate the potential exploitation of the vulnerability, urging affected smart contract owners to lock contracts, take snapshots, and migrate to new contracts. Notably, both OpenSea and Coinbase NFT assured users of their commitment to supporting affected collection owners through these mitigation processes.
Meanwhile, Coinbase NFT said that Thirdweb is providing response support and a mitigation tool to assess the security of affected contracts. In addition, the affected platforms emphasize their dedication to user safety and acknowledge the collaborative efforts across the ecosystem to minimize the impact on users.
As the crypto industry grapples with this security challenge, the incident underscores the importance of robust security measures amid <a href="https://coingape.com/crypto-hacks-surge-in-november-sparking-concerns-over-digital-asset-security/" target="_blank" rel="noopener noreferrer nofollow">increasing threats of crypto hacks</a>. With Thirdweb pledging to increase investment in security, including doubling bug bounty payouts, the industry aims to fortify itself against potential vulnerabilities and ensure a resilient environment for <a href="https://coingape.com/glossary/web-3-0/" target="_blank" rel="noopener noreferrer nofollow">Web3</a> developers.
Also Read: <a href="https://coingape.com/analyst-unfolds-rumours-about-sovereign-wealth-fund-500-bln-bitcoin-investment/" target="_blank" rel="noopener noreferrer nofollow">Analyst Unfolds Rumours About Sovereign Wealth Fund $500 Bln Bitcoin Investment</a>
The post <a rel="noopener noreferrer nofollow" href="https://coingape.com/opensea-coinbase-nft-address-thirdweb-security-alert-with-collaborative-response/">OpenSea &amp; Coinbase NFT Address Thirdweb’s Security Alert With Collaborative Response</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coingape.com">CoinGape</a>.

OpenSea & Coinbase NFT Address Thirdweb’s Security Alert With Collaborative Response

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