ParaSwap

Artificial Intelligence

Security

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/paraswap-prevents-major-fund-loss-by-addressing-security-flaw/" data-wpel-link="internal" rel="noopener noreferrer nofollow">ParaSwap Prevents Major Fund Loss by Addressing Security Flaw</a> 
The decentralized finance (<a href="https://coin-turk.com/cream-finance-coin-nedir" data-wpel-link="internal" rel="noopener noreferrer nofollow">DeFi</a>) platform ParaSwap discovered a security vulnerability in its newly launched Augustus v6 contract and prevented significant fund loss with timely white-hat intervention. The ParaSwap Augustus v6 contract went live on March 18th, aiming to increase swap efficiency and reduce transaction fees. However, the contract contained a critical security flaw that allowed hackers to drain funds upon approval.
<h2 class="p1" style="text-align: justify" id="proactive-steps-by-the-paraswap-team">Proactive Steps by the ParaSwap Team</h2>
ParaSwap paused its v6 application programming interface (API) shortly after discovering the security flaw on March 20th and secured potential losses through a white-hat attack.
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-330645" src="https://coin-turk.com/wp-content/uploads/2024/03/paraswap-.jpg" alt="" width="500" height="737">
ParaSwap advised all users to revoke permissions for the Augustus v6 contract to prevent further fund loss until the security vulnerability was neutralized. Despite ParaSwap’s efforts to retract the vulnerable v6 contract and inform users of the necessary steps, a hacker managed to withdraw approximately $24,000 from four different addresses.
ParaSwap announced that a total of 386 addresses were affected by the security flaw. The protocol also asked users to report any fund losses that may not have been detected during the preliminary investigation.
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-330646 size-full" src="https://coin-turk.com/wp-content/uploads/2024/03/paraswap-ekip.webp" alt="" width="1492" height="790">
In addition, ParaSwap disabled support for the vulnerable v6 contract in its recently updated user interface and reverted to using v5. The team stated the following:
<blockquote>
 “We have successfully recovered funds for all addresses and more details about the reimbursement process will be shared soon.”
</blockquote>
<h2 class="p1" style="text-align: justify" id="software-bugs-and-artificial-intelligence">Software Bugs and Artificial Intelligence</h2>
Users affected by the process remain at risk unless they revoke their approvals, and ParaSwap recommends using services like Revoke to verify their security. Following this process, the field of artificial intelligence has come back into the spotlight. Tools like ChatGPT-4, which are proficient in generating code, are not yet fully reliable as security auditors. A pair of researchers from Salus Security, a blockchain security company with offices in North America, Europe, and Asia, stated in a recently published research paper:
“GPT-4, can be a useful tool for assisting in smart contract audits, especially in parsing code and providing vulnerability clues. However, considering its limitations in detecting vulnerabilities, it cannot yet fully replace professional audit tools and experienced auditors.”
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/paraswap-prevents-major-fund-loss-by-addressing-security-flaw/" data-wpel-link="internal" rel="noopener noreferrer nofollow">ParaSwap Prevents Major Fund Loss by Addressing Security Flaw</a></h5>

ParaSwap Prevents Major Fund Loss by Addressing Security Flaw

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