Ethereum security risk

A bug bounty is a financial reward given to individuals usually whitehat hackers that discover vulnerabilities in an application. When used properly, bug bounties give members of the hacker community incentive to inspect your code for critical flaws. Fortunately, a whitehat hacker discovered the flaw and notified the team, earning a large payout in the process. A useful strategy is to set the payout of a bug bounty program in proportion to the amount of funds at stake.

Good smart contract security starts with following proper design and development processes: Store all code in a version control system, such as git Make all code modifications via pull requests Ensure pull requests have at least one independent reviewer—if you are working solo on a project, consider finding other developers and trade code reviews Use a development environment for testing, compiling, deploying smart contracts Run your code through basic code analysis tools, such as Mythril and Slither.

Ideally, you should do this before each pull request is merged and compare differences in output Ensure your code compiles without errors, and the Solidity compiler emits no warnings Properly document your code using NatSpec and describe details about the contract architecture in easy-to-understand language.

This will make it easier for others to audit and review your code. Implement robust disaster recovery plans Designing secure access controls, implementing function modifiers, and other suggestions can improve smart contract security, but they cannot rule out the possibility of malicious exploits. A proper disaster recovery plan will incorporate some or all of the following components: Contract upgrades While Ethereum smart contracts are immutable by default, it is possible to achieve some degree of mutability by using upgrade patterns.

Upgrading contracts is necessary in cases where a critical flaw renders your old contract unusable and deploying new logic is the most feasible option. Accounts interact with the proxy contract, which dispatches all function calls to the logic contract using the delegatecall low-level call. Delegating calls to the logic contract requires storing its address in the proxy contract's storage.

Hence, upgrading the contract's logic is only a matter of deploying another logic contract and storing the new address in the proxy contract. More on upgrading contracts. Emergency stops As mentioned, extensive auditing and testing cannot possibly discover all bugs in a smart contract.

If a vulnerability appears in your code after deployment, patching it is impossible since you cannot change the code running at the contract address. Also, upgrade mechanisms e. Emergency stops typically comprise the following components: A global Boolean variable indicating if the smart contract is in a stopped state or not. This variable is set to false when setting up the contract, but will revert to true once the contract is stopped.

Functions that reference the Boolean variable in their execution. Such functions are accessible when the smart contract is not stopped, and become inaccessible when the emergency stop feature is triggered. An entity that has access to the emergency stop function, which sets the Boolean variable to true. To prevent malicious actions, calls to this function can be restricted to a trusted address e. Once the contract activates the emergency stop, certain functions will not be callable.

China released stronger economic activity data this week. Industrial production increased 4. Economists were calling for an increase of 3. Retail sales increased 5. Fixed asset investment increased 5. The unemployment rate declined to 5. Weaknesses The worst performing country in Asia this week was China, losing 4. The Pakistani rupee was the worst performing currency in Asia this week, losing 3.

Expectations of economic growth in Europe weakened. Spiking energy prices in Europe put pressure on economic growth and overall consumer sentiment in the region. Opportunities Ukraine launched a counterattack a few weeks back and has been successful pushing Russia out of the occupied territory. The country was able to take back only small portions of the territory, but the past few weeks have been an important gamechanger for Ukraine and Russia.

We do not know how the war will end and how soon the fighting will stop, but if Ukraine wins this war, the Eastern European region will continue its transformation that started in , after the Soviet Union collapsed. In the short term, energy prices will come down and equites will bounce, especially those listed on stock exchanges in Central Emerging Europe. Countries are looking for ways to support straggling energy companies.

Germany pledged 67 billion euros in funding to assist utility companies. The money will be deployed from a COVID bailout fund established to help companies avoid insolvency. The European Union EU energy minister will hold an emergency meeting on September 30 to discuss ways to ease surging gas and power prices throughout the region. Threat On Tuesday, the U. With stronger than expected inflation, the U. This trend could continue for longer, as higher than expected increases in prices will prompt the Fed to hike rates further, boosting the dollar strength.

This week, the Czech government announced support mechanisms for retail customers households, hospitals, schools. It plans to freeze power and gas tariffs as of November. Poland is preparing a similar plan to help struggling energy customers.

The European Commission is working on limiting electricity usage during peak hours. The recent outperformance of Turkish equites will most likely revert to July levels in the coming months, as the latest rally is not supported by improving economic conditions or a strengthening lira. The factories will be completed by , he said.

The U. Based on current prices, households will save at least GBP1, a year and this amount is in addition to GBP energy bill discounts for all households. The funding pot is nearly 10 times the usual amount, boosted by the Infrastructure Law. Concerns around the global economy and weaker oil demand continue to bring crude prices lower. Brent has made seven-month lows recently. The stronger U. API data shows an increase in U.

Opportunities Iran is not able to boost oil production to its advertised capacity of 3. This means that if a deal comes, Iran can raise its production from 2. According to Raymond James, energy sentiment has started to recover with an increasing number of generalists starting to look again at the sector. The group sees the overall macro environment supporting still-strong earnings within refining, with its base case that high margins persist.

According to ISI, nuclear energy has the lowest levelized carbon intensity among clean energy technologies. Despite being the ideal energy source to phase out coal-fired power plants, countries continue to refrain from investing in nuclear energy, owing primarily to historical incidents. It will take some time to digest the negative sentiment of the public, but ISI views nuclear deployment as essential and a must to accelerate to ensure energy security, affordable energy pricing, and most importantly, achieve net-zero emissions by Threats In July, there was a total polyethylene inventory build of million pounds as domestic demand was flat, but production exceeded expectations.

Accordingly, inventory days increased to A combination of sharply rising input costs mostly electricity and natural gas , falling steel prices, and poor visibility on demand, have prompted European steel mills to announce aggressive output cuts. Canadian based company Moon World Resorts Inc. The resort is envisioned as a luxury accommodation with out of space experience not requiting rocket ship travel.

It is planned to be a foot-tall mixed-use building in the shape of earth. Company sales have been strong. Weaknesses August inflation in the United States was reported at 8. Several headwinds were in focus this week, the biggest risk-off was driven by the higher August CPI print. There is a growing expectation in the market that the Federal Reserve will aggressively hike rates. There was no major news on the company this week; most luxury names corrected in the past five days. Opportunities Bank of America reported that mainland China luxury demand saw a strong pick-up through the summer months of July-August.

Hong Kong saw local demand improve in July as well. Bank of America believes Hong Kong is one step closer to reopening its economy, which should spur travel and luxury consumption. According to Bloomberg, luxury brands are benefiting from pandemic-era growth in the net worth of the wealthiest consumers, along with the emergence of millennial millionaires. It is going to be a four-door car with four seats and a liter gallon trunk. Pre-orders have likely exceeded 2, units already, Bloomberg reported.

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If you send your funds to these accounts, you will lose them forever. Support scams Cryptocurrency is a relatively young and misunderstood technology. A common scam that takes advantage of this is the support scam, where scammers will impersonate support personnel for popular wallets, exchanges, or blockchains. Much of the discussion about Ethereum happens on Discord. Support scammers will commonly find their target by searching for support questions in public discord channels and then sending the enquirer a private message offering support.

By building trust, support scammers try to trick you into revealing your private keys or sending your funds to their wallets. As a general rule, staff will never communicate with you through private, unofficial channels. Some simple things to keep in mind when dealing with support: Never share your private keys, seed phrases or passwords Never allow anyone remote access into your computer Never communicate outside an organization's designated channels Beware: although support-style scams commonly happen on Discord, they can also be prevalent on any chat applications where crypto discussion happens, including email.

There is no need to take any action related to your ETH to account for the switch from proof-of-work to proof-of-stake. There is no official Ethereum support , and there is no new token. Never share your wallet seed phrase with anyone. Some phishing emails ask users to click on links that will re-direct them to imitation websites, asking them to enter their seed phrase, reset their password or send ETH.

Others may ask you to unknowingly install malware to infect your computer and give scammers access to your computer's files. If you receive an email from an unknown sender, remember: Never open a link or attachment from email addresses you don't recognize Never divulge your personal information or passwords to anyone Delete emails from unknown senders More on avoiding phishing scams Crypto trading broker scams Scam crypto trading brokers claim to be specialist cryptocurrency brokers who will offer to take your money and invest it on your behalf.

The promises of unrealistic returns usually accompany this offer. After the scammer receives your funds, they may lead you on, asking that you send more funds, so you don't miss out on further investment gains, or they may disappear entirely. These fraudulent brokers find their targets by using fake accounts on YouTube to start seemingly natural conversations about the broker.

These conversations are often highly upvoted to increase legitimacy, but the upvotes are all from bot accounts. Do not trust internet strangers to invest on your behalf. You will lose your crypto. Crypto mining pool scams As of September , mining on Ethereum is no longer possible. However, mining pool scams still exist.

Mining pool scams involve people contacting you unsolicited and claiming that you can make large returns by joining an Ethereum mining pool. The scammer will make claims and stay in contact with you for however long it takes. Essentially, the scammer will try and convince you that when you join an Ethereum mining pool, your cryptocurrency will be used to create ETH and that you will be paid dividends in the form of ETH.

What will end up happening is, you will notice that your cryptocurrency is making small returns. This is simply to bait you into investing more. Eventually, all of your funds will be sent to an unknown address, and the scammer will either disappear or in some cases will continue to stay in touch as has happened in a recent case. Bottom line, be wary of people who contact you on social media asking for you to be part of a mining pool.

Once you lose your crypto, it is gone. Some things to remember: Be wary of anyone contacting you about ways to make money off of your crypto Do your research about staking, liquidity pools, or other ways of investing your crypto Rarely, if ever, are such schemes legitimate. If they were, they would probably be mainstream and you will have heard of them. You will get prompted to sign in with your Ethereum wallet and "approve" a transaction when attempting to claim.

Context: Proof-of-stake is a security model for blockchains, defining the process by which all transactions on it are verified. Ethereum will soon switch to it, a system where lots and lots of people check all transactions on the network and earn rewards in fresh ETH for doing so. Once Ethereum makes the switch, any holders of ether will be able to stake them to one of these companies checking the blockchain and share in their earnings. The big picture: The fact that ether can make money for itself when Ethereum reboots could potentially raise red flags.

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