DeFi Faces Trust Issues: User Access Enables Latest Base Blockchain Vulnerability
- CertiK reported a Base blockchain exploit draining 55 WETH via an unverified contract, highlighting DeFi's persistent smart contract risks. - Unverified contracts remain a critical vulnerability, as attackers exploit user-authorized permissions to drain funds. - Mutuum Finance (MUTM), despite a 90/100 CertiK audit score, underscores the need for continuous monitoring amid DeFi's security challenges. - The incident reinforces calls for rigorous contract verification, user due diligence, and proactive risk
CertiK, a prominent name in blockchain security, has disclosed that an unverified contract on the Base blockchain was exploited, causing users who had previously granted permissions to lose 55 Wrapped Ether (WETH), as detailed in a
The breach involved an unverified contract—an immediate warning sign within DeFi, where transparency and thorough auditing are standard expectations. CertiK’s investigation found that users had already authorized the compromised contract, which allowed the attacker to exploit these permissions and siphon off funds. Although the precise method of the attack is still being examined, the incident emphasizes the necessity of comprehensive smart contract reviews and careful user practices, according to the GlobeNewswire announcement.
This Base network exploit is part of a larger pattern of DeFi security incidents, where unverified contracts and improper permission management are frequent attack vectors. CertiK’s findings highlight that even well-audited projects can be at risk if users engage with unverified or inadequately managed contracts. The company has called on developers to focus on contract verification and ongoing oversight, while users should be diligent in checking their authorization settings, as noted in the GlobeNewswire announcement.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Institutional Investors Gather as Chainlink's RWA Partnerships Drive Long-Term Investment
- Chainlink's LINK token fell 8% below $17 in late October as large investors withdrew millions from exchanges, signaling long-term confidence. - Analysts are divided, with some seeing a consolidation phase ahead of a potential $22–$24 breakout, while others warn of further downside risks. - RWA partnerships with Balcony, Streamex, and Pharos expand Chainlink's role in tokenizing traditional assets, boosting institutional adoption. - The Chainlink Reserve's $320M token buyback aims to stabilize supply, ali
Retailer's Challenge: Adopting Innovation While Maintaining Stability
- Robinsons Retail CEO rejected "don't rock the boat" advice, prioritizing innovation over stability in volatile retail markets. - Q3 2025 showed 4.8% sales growth (PHP149.3B) driven by food/drugstores, but department stores fell 11.7% due to online competition. - Net income dropped 60% to PHP3.1B from missing prior-year gains and rising costs, despite margin expansion targets and digital investments. - Strategic moves include store rationalization, private-label expansion, and PHP10.8B acquisition loan, b
Political stalemate puts military salaries at risk as government shutdown approaches critical stage
- Prolonged U.S. government shutdown risks delaying military pay by November 15, with Treasury warning of "global embarrassment" over unpaid service members. - Military families face debt and therapy needs as halted pay and relocation reimbursements strain finances, with 50,000 seeking emergency food aid in 72 hours. - Political gridlock blocks bipartisan solutions while economic ripple effects grow, including L3Harris revising forecasts and 42 million losing SNAP benefits November 1. - Advocates condemn s
Nanotyrannus Verified as a Separate Species, Transforming Our Understanding of Cretaceous Predator Relationships
- A 2025 study in Nature confirms Nanotyrannus as a distinct tyrannosaur genus, not a juvenile T. rex, resolving a decades-old debate. - Bone analysis of the "Dueling Dinosaurs" fossil revealed skeletal maturity and unique traits like higher tooth count and skull structure. - Researchers reclassified "Jane" as Nanotyrannus lethaeus, suggesting coexistence with T. rex in different ecological niches during the Late Cretaceous. - The findings challenge T. rex's perceived dominance and hint at greater tyrannos
