In a recent occurrence that left the crypto sphere bruised, Ethscriptions, a newfangled protocol enabling the creation and sharing of digital objects on Ethereum network, has been dealt a hard blow. This setback originated from an exploit linked to its main marketplace, which resulted in a significant loss. Tom Lehman, the inventor of Ethscriptions and former CEO to Genius.com disclosed that 202 of these digital assets bound to Ethereum were lost across 123 addresses. A certain level of tumult is expected with any fledgling protocol, although Lehman admits this was not what he had in mind, pointing to a smart contract hatched by him and Michael Hirsh of Indelible Labs as the exploit’s root cause.
The highlight of the glitch was a poorly formed code piece permitting illicit withdrawal of Ethscriptions from the marketplace. Although the overall Ethscriptions protocol and related applications remained untouched, it’s been reported that multiple listings from Ethscriptions.com were swiped as a result. Liquidating these crypto assets underlines the substantial impact; recent data from OpenSea, an NFT marketplace, enlightens us on Ethscriptions going for as much as $9,600 (5 Ethereum tokens), under the past month.
Lehman opened up about this vulnerability, adding updates about the affected state of the marketplace that continue to loom on Ethscriptions.com. Users have been cautioned to withdraw existing Ethscriptions and withhold listing additions, chasing continued marketplace contract discrepancies. Lehman disclosed his remorse over the loss of Ethscriptions, drawing particular attention to Ethscription #56, a rare, early artifact adding to the blow.
This exploit also carried an additional disappointment because it had initially been flagged to exemplify how third-party marketplaces could plug into Ethscriptions support. “The marketplace was supposed to help understand how others could create marketplaces and aid ecosystem growth,” remarked Lehman. “Regrettably, we didn’t impress.”
Moving forward, Lehman recognizes the predicament of striking a balance between economizing on smart contract storage and strategically handling contracts, chiefly in marketplace settings. He proposed a restructured approach towards how marketplaces could implement the protocol and envisions a healthier long-term ecosystem, emphasizing the need to deliver smart contracts with essential data or operate sans such specifics. As part of the roadmap, Lehman plans to reboot the Ethscriptions.com marketplace post implementation of needed protocol adjustments, maintaining a dialogue with the exploited users, commending their role as early adopters.
Source: Cryptonews
