Security Concerns Surrounding Blast Protocol Revealed by Experts
Date: 2023-11-27 Author: Dima Zakharov Categories: IN WORLD
The Mystery of Blast Protocol’s Security Flaws Unveiled
New Addresses, Unknown Owners:
Key Polygon blockchain engineer Jarrod Watts highlighted that all five signatures of Blast’s multi-signature wallet contracts represent new addresses, emphasizing the anonymity of the owners. Watts expressed numerous concerns about the protocol, stating that Blast lacks Ethereum’s Layer 2 network features, including a test network, transactions, bridges, rollbacks, and Ethereum transfers.
Functionality and Risks
SlowMist blockchain security company founder Xian Yue described Blast as an upgradable owner multi-signature contract, requiring three out of five confirmations without time locking. Hackers aiming to breach the storage would need either multi-signatures to update the contract with malicious logic or the EnableTransition function to configure malicious mainnetBridge.
Surging Popularity and Frozen Funds
Despite its mainnet launch scheduled for spring 2024, Blast has gained immense popularity among cryptocurrency users. Market researchers noted high user activity, with the total value locked (TVL) already approaching $300 million. This week alone, investors froze around $225 million in Ethereum (ETH), stETH, and various stablecoins, according to DefiLlama.
Blast’s Origins and Support
The project’s popularity stems from its association with NFT Blur, a platform developer. Notably, major venture organizations, including Paradigm Capital and eGirl Capital, financially backed the startup.
