In an X post, Thirdweb, a prominent web3 developer platform, exposed a significant security vulnerability in a “commonly used” open-source library, impacting various non-fungible token (NFT) collections. Meanwhile, this revelation has sparked speculations in the cryptocurrency community, involving major players like OpenSea and Coinbase, who now find themselves grappling with potential security risks.

Notably, as the industry faces disruption, the affected parties are swift to respond, working collaboratively to address the issue and reassure users.

OpenSea & Coinbase NFT’s Response To the Security Breach

Thirdweb became aware of the vulnerability on November 20, affecting its pre-built smart contracts, including those on OpenSea and Coinbase NFT. OpenSea acknowledged the issue, assuring users of ongoing collaboration with Thirdweb to address security concerns. In addition, Coinbase NFT echoed similar sentiments, confirming notification on December 1 about impacted collections on its platform.

Meanwhile, according to OpenSea’s statement, they mentioned being in contact with Thirdweb regarding the security vulnerability affecting certain NFT collections. Coinbase NFT also reassured users that no breach occurred on its platform, emphasizing the safety of customer funds.

Notably, the Layer 2 network Base, supported by Coinbase, has also responded to Thirdweb’s report and stated that the problem impacts specific NFT contracts deployed on the platform.

Also Read: BitMEX Announces Terra Classic (LUNC) Perpetual Contract Listing After USTC

Mitigation Efforts and Future Security Measures

Thirdweb outlined steps to mitigate the potential exploitation of the vulnerability, urging affected smart contract owners to lock contracts, take snapshots, and migrate to new contracts. Notably, both OpenSea and Coinbase NFT assured users of their commitment to supporting affected collection owners through these mitigation processes.

Meanwhile, Coinbase NFT said that Thirdweb is providing response support and a mitigation tool to assess the security of affected contracts. In addition, the affected platforms emphasize their dedication to user safety and acknowledge the collaborative efforts across the ecosystem to minimize the impact on users.

As the crypto industry grapples with this security challenge, the incident underscores the importance of robust security measures amid increasing threats of crypto hacks. With Thirdweb pledging to increase investment in security, including doubling bug bounty payouts, the industry aims to fortify itself against potential vulnerabilities and ensure a resilient environment for Web3 developers.

Also Read: Analyst Unfolds Rumours About Sovereign Wealth Fund $500 Bln Bitcoin Investment

The post OpenSea & Coinbase NFT Address Thirdweb’s Security Alert With Collaborative Response appeared first on CoinGape.

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Filed under: News - @ December 5, 2023 1:19 pm