The EOS price (EOS/USD) saw a sharp decline earlier today after Chinese Internet security firm Qihoo 360 said it had discovered "a series of epic vulnerabilities" on the coin’s platform.
EOS is set to launch its own mainnet on June 2, an event that would allow the project to migrate from the Ethereum blockchain to its own network. However, Qihoo 360 has found loopholes in the EOS platform that could allow attackers to launch devastating attacks on the entire network, industry website Coindesk has reported.
Qihoo said that these loopholes could give attackers the ability to take full control of transactions. The firm further explained that bad actors would be able to attack the network by creating and publishing smart contracts containing malicious code on the EOS mainnet and have EOS supernodes pack them into new blocks. That way the code would be able to affect all nodes on the network.
Qihoo said that it had notified EOS’ lead developer Daniel Larimer of the issues, adding that he had subsequently said that they had been fixed.
Also today, Larimer announced on Twitter that the EOS team would reward people who identify critical bugs in the system ahead of its launch.
“Help us find critical bugs in #EOSIO before our 1.0 release. $10K for every unique bug that can cause a crash, privilege escalation, or non-deterministic behavior in smart contracts. Offer subject to change, ID required, validity decided at the sole discretion of Block One,” he wrote, as quoted by Coindesk.
The IOS price tumbled following the report, falling to as low as $10.93 in today’s morning session. However, the cryptocurrency has managed to bounce back in the afternoon and is currently trading above yesterday’s close of $11.64.
In today’s trading, the EOS price stood at $11.96, as of 15:19 BST. The digital coin has lost 2.7% of its value in the past 24 hours.