Coinbase’s Base smart contracts contain over 34k vulnerabilities, data shows

According to new data, more than 34,000 high-risk vulnerabilities have been identified in underlying network smart contracts, including malicious Boolean checks and library tampering.

As blockchain networks face increasing security challenges due to malicious actors exploiting vulnerabilities in smart contracts, Coinbase’s Base network is leading the way in high-risk detections.

According to data from Trugard Labs, which detects risks using its Xcalibur tool, Base made more than 34,000 high-risk detections across its smart contracts in August.

The network incubated on Coinbase was particularly vulnerable to Digital Signature issues, with nearly 22,000 detections related to tampering with standard libraries like SafeMath. Malicious Boolean checks on token transfers also posed significant risks, with over 6,300 examples detected on Base. These checks could intercept or manipulate token transfers, creating a significant vulnerability.

August identified high risks in blockchains | Source: Trugard Web2 hackers turn to web3

Trugard Labs has identified several other major threats on the Base network, including unauthorized token burns, balance updates, and controlled minting attacks. Covert balance updates and minting manipulations have also been detected, albeit to a lesser extent, on Ethereum and BNB Chain (formerly Binance Smart Chain, BSC).

Cross-chain comparison Top by risk margin | Source: Trugard

Trugard analysts say the rise in malicious activity on Base shows how vulnerable the protocols deployed on the network are to exploitation, with cybercriminal groups that once operated in web2 “now shifting their focus to the evolving web3 ecosystem.”

As the decentralized finance sector grows, so does its appeal to threat actors. In the past, web2 criminals specialized in phishing, ransomware, and exploiting vulnerabilities in centralized systems. Trugard says the same tactics are now being adapted to exploit “vulnerabilities in smart contracts, decentralized finance protocols, and blockchain networks.”