Quantstamp Launches Automated Service to Detect Flash Loan Attack Vulnerabilities in Smart Contracts
Summary:
Quantstamp, a blockchain security provider, has launched an automated service called Economic Exploit Analysis to detect flash loan attack vulnerabilities in smart contracts. This service enhances security audits by identifying potential attack vectors, but it is important to note that it may not catch all attacks. The need for improved security in decentralized finance (DeFi) is growing, and this initiative aims to address the risks associated with flash loan attacks. Coinbase is also working on a monitoring tool called Pessimism to detect anomalies in their protocol and network. The focus on security vulnerabilities in DeFi continues to gain attention in the crypto space.
Quantstamp, a blockchain security provider, has rolled out a new automated service called Economic Exploit Analysis to detect attack vectors in smart contracts. This service, based on research from the University of Toronto, can identify flash loan attack vulnerabilities in code and will be available to protocols deployed on any Ethereum Virtual Machine (EVM)-compatible blockchain. However, it's important to note that the analysis may not catch all potential attacks. Flash loans are unsecured loans used in decentralized finance (DeFi) for various purposes, including arbitrage and debt refinancing. Quantstamp emphasizes that flash loan attacks can drain the total value locked in a DeFi protocol, and these attacks often bypass traditional audits. These efforts by Quantstamp and Coinbase's new Base layer-2 tool, called Pessimism, highlight the growing focus on addressing security vulnerabilities in the DeFi space.
Published At
8/23/2023 1:00:00 PM
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