TL;DR
- Cosmos Hub experienced a nearly four-hour outage on June 5 due to a vulnerability in the Liquid Staking Module during the v17 update.
- The network could not resume block production until most validators implemented the fix.
- Despite the outage, the ATOM token remained stable, reflecting confidence in the network and its development team.
On June 5, the Cosmos Hub blockchain network experienced an unexpected nearly four-hour outage due to a technical issue detected during the implementation of the v17 update. As a result, block production, known for its proof-of-stake (PoS) consensus mechanism and its goal to connect multiple blockchains within its ecosystem, was interrupted.
The problem arose from a vulnerability in the Liquid Staking Module (LSM), a key piece of software being updated. Fortunately, the Cosmos developers, along with teams from Informal Systems and Hypha, reacted quickly. They identified the bug and developed a patch that began to be implemented immediately. However, the network could not resume block production until most validators had applied the patch to ensure the network operated correctly and safely.
The teams at @informalinc & @HyphaDoesCosmos have issued a fix for the bug that was found. We're currently at 55% of validators who have implemented the patch. We encourage any remaining validators who have not yet implemented the patch to do so.
Thanks for your patience!
— Cosmos Hub ⚛️ (@cosmoshub) June 5, 2024
Ethan Buchman, co-founder of Cosmos, noted that although outages on the Hub are rare, they can happen. He emphasized the importance of having dedicated developers and validators working diligently to resolve issues as they arise. Commitment to security and efficiency is vital to maintaining trust in the network and ensuring its operation.
The Crisis Had Minimal Impact on Cosmos (ATOM)
Despite the outage, the impact on Cosmos’ native token, ATOM, was minimal. Its value remained stable at $8.61, showing a slight increase of 0.37%. This stability reflects user confidence in the team’s ability to handle such situations responsibly.
The v17 update, which caused the outage, is one of the most significant updates carried out in the past year. It includes new features such as “partial set security,” which allows new consumer chains to customize validator participation and set various operational parameters. Additionally, it introduces the long-awaited ICS2.0, an enhancement aimed at optimizing functionality and interconnectivity of blockchains within the Cosmos ecosystem.
The development team has announced that they will release a detailed report in the coming days to provide a comprehensive view of the incident and the corrective measures implemented. This report will be crucial to understanding not only the cause of the outage but also the strategies adopted to prevent future incidents.
