The Venn Network team suspects the threat was linked to the North Korean Lazarus Group, citing its complexity and widespread deployment.
Crypto security researchers uncovered and neutralized a critical threat affecting thousands of smart contracts, potentially preventing more than $10 million in crypto from being stolen.
On Thursday, pseudonymous Venn Network researcher Deeberiroz shared in an X post that a backdoor exploit had been silently threatening the ecosystem for months. The researcher said the exploit targeted uninitialized ERC-1967 proxy contracts, allowing them to hijack the contracts before they had been properly set up.
Venn Network discovered the vulnerability on Tuesday, triggering a 36-hour rescue operation involving several developers, including security researchers Pcaversaccio, Dedaub and Seal 911, who worked together to evaluate affected contracts and move or secure vulnerable funds.
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