Venn Network Uncovers and Shuts $10M DeFi Backdoor

Crypto security researchers uncovered and neutralized a critical threat affecting thousands of smart contracts, potentially preventing more than $10 million in crypto from being stolen. 

On Thursday, pseudonymous Venn Network researcher Deeberiroz shared in an X post that a backdoor exploit had been silently threatening the ecosystem for months. The researcher said the exploit targeted uninitialized ERC-1967 proxy contracts, allowing them to hijack the contracts before they had been properly set up. 

Venn Network discovered the vulnerability on…