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Web3 Firm Thirdweb Finds Major Vulnerability In Smart Contracts

Web3 developer Thirdweb has identified a security vulnerability in a commonly used open-source library that could impact various smart contracts within the Web3 ecosystem. In a post on the X platform, Thirdweb informed its audience about the vulnerability, noting that it could affect specific pre-built smart contracts, including some developed by Thirdweb itself.

Fortunately, the investigation by Thirdweb revealed that the vulnerability had not been exploited. This discovery provides a crucial window of opportunity for Web3 firms to take preventative measures and minimize the risk of potential hacks. Thirdweb recommended mitigation steps, which typically involve locking the vulnerable contract, taking a snapshot, and migrating to a new contract free of the known vulnerability. The specific steps may vary based on the nature of each smart contract, and developers can use the provided tool to determine the appropriate course of action.

Thirdweb has identified specific pre-built contracts that are impacted by the security vulnerability, including DropERC20, ERC721, ERC1155 (all versions), and AirdropERC20. The company has provided a link to view a comprehensive list of affected smart contracts along with recommended mitigation steps.

For users who deployed the listed smart contracts before November 22, Thirdweb strongly advises immediate mitigation actions or the use of the tool provided by the company. Additionally, Thirdweb recommends developers assist users in revoking approvals on all affected contracts through revoke.cash, a measure suggested by DefiLlama developer “0xngmi” to protect users who choose not to mitigate the contract.

In response to the discovery of the vulnerability, Thirdweb has announced plans to enhance its investment in security measures. This includes doubling bug bounty payouts from $25,000 to $50,000, implementing a more rigorous auditing process, and providing a grant to cover the costs associated with contract mitigations. These proactive steps aim to fortify the security of Thirdweb’s ecosystem and enhance protection for users and developers.

Thirdweb acknowledges the potential disruption caused by the security vulnerability and emphasizes its commitment to addressing the issue with the highest level of seriousness. The firm announced its intention to provide a retroactive gas grant to cover fees associated with contract mitigations, aiming to ease the impact on users and developers.

Thirdweb is a Web3 developer that offers tools for multichain smart contract deployment, catering to various applications such as minting, gaming, and wallets. The company boasts a user base of over 70,000 developers utilizing its services on a monthly basis.

In August 2022, Thirdweb successfully raised $24 million in a Series A funding round, with contributions from investors including Haun Ventures, Coinbase, Shopify, and Polygon. This funding round reflects the industry’s recognition of Thirdweb’s role in the Web3 ecosystem and its potential to drive innovation in the blockchain space.

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