Ethereum’s long-anticipated Constantinople upgrade has just been called for a delay just hours before the hard fork was scheduled to go live on the third-largest cryptocurrency’s network.
The issues were discovered by ChainSecurity, prompting the development team to call a delay to the new protocol as the issues could not be fixed in time.
In a conference call, Ethereum’s lead developers discussed the flaw, noting that the hard fork will be delayed for an unforeseeable amount of time while they fix the issue. The new date for when Constantinople will be implemented will be released in another conference call this Friday.
According to ChainSecurity, the fork’s vulnerability is called a reentrancy attack that allows bad actors to reenter the same function multiple times without the network updating to account for the actions they took, essentially allowing them to continuously withdraw funds.
A reentrancy vulnerability allows a potential attacker to steal cryptocurrency from a smart contract on the network by repeatedly requesting funds from it while feeding it false data about the malicious actor’s actual ETH balance.
Ethereum’s price plunged on news of the Constantinople delay, and it is trading down 6% at its current price of $121. ETH is presently trading just above its weekly low of $116, which was set this past weekend when the overall crypto markets dipped.