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cosmos

COSMOS is a rapidly scalable independent interconnected blockchain ecosystem, built using developer-friendly application components and connected through the IBC (Inter-Blockchain Communication) protocol. With Cosmos, developers can choose to build fully autonomous application-specific blockchains.
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first_img Cosmos announced the launch of the Partner Network to assist financial institutions in tokenization

According to PR Newswire, Cosmos announced the launch of the Cosmos Partner Network, uniting multiple industry service providers to assist global financial institutions in advancing digital asset-related businesses through the Cosmos Tokenization Suite and digital ledger solutions.The suite offers capabilities such as 24/7 payment settlement and fund management for banks and credit unions, and supports scenarios like programmable custody, programmable trade finance, and agency commerce. Cosmos provides tokenization and ledger platforms, while partners offer integrated services such as KYC/KYB, custody, and compliance monitoring.Cosmos Co-CEO Maghnus Mareneck stated that financial institutions understand the potential of tokenization but struggle to transition from pilot projects to high-quality real customer experiences. This network brings together relevant professional institutions to reduce the complexity of individually connecting with vendors.The first batch of the network includes 17 participants, including Anseta, Balance, BCW Group, BitGo, Blockchain.com, Blockdaemon, Coinbax, DFNS, Galaxy Digital, Hypernative, InfStones, OpenZeppelin, Peersyst Technology, Silence Laboratories, Ubyx, Utila, and Zeeve.Partners will have access to connection opportunities across Cosmos public and private networks and can participate in use cases such as tokenized deposits that Cosmos is promoting. Cosmos plans to continue expanding the network.

first_img Cosmos Labs admits to misjudging a vulnerability, resulting in an attack on six chains with a loss of 5.7 million dollars

Cosmos Labs released a technical report, admitting that it previously misjudged an integer underflow vulnerability in the Cosmos EVM, which led to attacks on six blockchain networks between August 20 and 25, resulting in a total theft of approximately $5.7 million in tokens. The attacker exploited the vulnerability to underflow account balances to the maximum value of 2^256-1, then performed a reverse operation to transfer the inflated balance out, thereby stealing tokens from the target accounts without creating tokens out of thin air.The report shows that researchers submitted the defect through a bug bounty program on April 25, but testers were unable to reproduce it on the existing Cosmos chain configuration, so Cosmos Labs silently patched it in May. Independent researchers confirmed in early August that the vulnerability affected all Cosmos EVM chains, and Cosmos Labs released a patch on August 19, but the first attack occurred about 20 hours later.In terms of specific losses, MANTRA lost 720.9 million tokens (approximately $3.6 million), TAC lost nearly 3 billion TAC, and KiiChain lost about 148 million KII. Both MANTRA and KiiChain criticized Cosmos Labs for not notifying the affected chains in advance and suggesting a shutdown, with KiiChain stating that the patch would take several days to deploy while a shutdown would only take a few minutes. Cosmos Labs stated that it has coordinated responses with 40 chains and assisted 13 chains in completing repairs or shutdowns before being attacked.

first_img Secret Network increased the supply by approximately 1.079 billion SCRT, diluting the supply by about 75%

According to CryptoSlate, after the approval of proposal 365, the privacy public chain Secret Network based on Cosmos upgraded to v1.26.0 on August 21, minting approximately 1.079 billion SCRT in a one-time issuance to maintain network operations before SCRT Labs stops support on September 1. After the upgrade, the total supply increased to approximately 1.443 billion, with the absolute balance of original holders remaining unchanged, but their total proportion decreasing to about one-quarter, resulting in a dilution of approximately 75%.The distribution of the new issuance includes: 299 million for the foundation and core development program each, 178 million for the ecological fund, 72 million for advisors, research and development, and validators each, 43 million for builders and relayers, and 44 million for remedial purposes. The v1.26 economic model allows approximately 308.4 million SCRT to be circulated on the first day and sets a continuous inflation rate of 5%. The community previously rejected SCRT Labs' proposal 360 regarding the migration to Arbitrum snapshots.SCRT Labs has indicated that regardless of the voting results, it will end development and related support for this Cosmos-based L1 on September 1. The chain itself has no plans to halt, and subsequent development, infrastructure, and validator participation will need to be undertaken by the community. This new issuance aims to provide resources and incentives for continued operations.
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