The truth behind the smart contract vulnerability: In-depth analysis of Bybit hacking incidents

The recent incident of Bybit funds stolen has attracted widespread attention from the industry. Hackers stole a large number of Ethereum assets by manipulating cold money packages and smart contract vulnerabilities. This incident not only exposed the security vulnerabilities of some exchanges in the storage and trading processes, but also reflected the risks faced by the overall crypto ecosystem. As a centralized storage and circulation platform for digital assets, the security of the exchange is directly related to user asset security and market confidence.

The truth behind the smart contract vulnerability: In-depth analysis of Bybit hacking incidents

Causes of smart contract vulnerability

Design defects: If boundary conditions and exceptions are not fully considered during the development process, logical vulnerabilities may be caused;
• Lack of formal verification: Mathematical proof and formal verification tools are not used, making it difficult to ensure the absolute security of the code; 🎜>
• Update lag: After the vulnerability is disclosed, the platform failed to repair and update the smart contract code in time, giving hackers an opportunity to take advantage of it.

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Lessons from the Bybit incident

• Attackers use the "cover signature" technology to exploit the smart contract interface vulnerability to induce the system to execute wrong transactions.
• This incident once again proves that even smart contracts that are considered to be more secure require continuous updates and strict audits.

Protective measures and suggestions

1. Code audit and formal verification
   • Use professional tools and teams to conduct a comprehensive security audit of the contract before deployment; 🎜>
   Use formal methods to verify key logic to ensure that the code can run correctly in various scenarios.
Continuous monitoring and rapid response
2. Implement contract monitoring system to detect abnormal calls and unauthorized modifications in real time;
   • Establish a rapid response mechanism, once discovered For vulnerabilities, immediately freeze the relevant operations and notify the security team.
Developers cooperate with the community
3. Encourage white hat hackers to participate in vulnerability bounty programs to detect and fix vulnerabilities in a timely manner;
   • Convene regular security seminars and training to enhance developers' understanding of smart contract security.

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