28 August 2023
Attacking the Multi-Billion Dollar Smart Contract Dilemma with SCREEN: Introducing Bytecode Analysis
As the linchpins of a nearly $2 trillion market, smart contracts are undeniably critical to DeFi and other Web3 ventures. But in 2022 alone, criminals and fraudsters made off with over $4 Billion in stolen funds, continuing a worrying trend which has seen crypto hacks rise by over 700% since 2020 with no end in sight. Malicious smart contracts can easily hide their source code, leaving organizations vulnerable to scams and attacks. Bytecode, however, becomes immutable and transparent as soon as it’s deployed on the blockchain.
Introducing SCREENTM Bytecode Analysis, a groundbreaking solution that brings transparency and security to the smart contract ecosystem. For the first time ever, security teams and investigators can decode the inner workings of a smart contract without ever touching the source code, unlocking entirely new possibilities in Web3 security.
The Challenge of Black Box Smart Contracts
While many smart contract developers make a point of publishing their smart contract source, there is no requirement for them to do so. More often than not, malicious actors prey on this loophole, creating smart contracts that are virtual black boxes. This opacity can lead to disastrous consequences, as malicious smart contracts often go undetected until it’s too late, and create complications even after an attack. Without access to the smart contract source code, understanding the exact mechanism and intent of an attack becomes an arduous task.
Bytecode vs. Source Code
However, while source code is not always available, bytecode is. Bytecode refers to machine-readable instructions that define the behavior and operations of a smart contract. When a smart contract is written in a programming language like Solidity, it needs to be compiled into bytecode before it can be deployed on the blockchain.
Most critically, once the bytecode is deployed to the blockchain, it becomes immutable and transparent. It can be viewed and analyzed by anyone with access to the blockchain
Introducing SCREEN Bytecode Analysis
SCREEN Bytecode Analysis feature revolutionizes smart contract security by scanning bytecode to reverse engineer potentially malicious smart contracts. For the first time, users can determine a contract’s intended functionality, thus uncovering any hidden malicious intent, without relying on published source code.
Bytecode Analysis greatly enhances security maturity by helping to identify scams and potential attackers before they can cause harm, empowering organizations to take proactive measures to safeguard their Web3 operations. Additionally, in the unfortunate event of an attack, Bytecode Analysis serves as an invaluable tool for post-incident investigation. It helps unravel the intricacies of the attack, uncover the vulnerabilities exploited, and strengthen security practices to prevent similar incidents in the future.
Introducing SCREEN Bytecode Similarity Scan
Investigators can take their post-incident response even further to prevent future attacks, utilizing SCREEN’s Bytecode Similarity Scan feature to go beyond individual contracts and scan the entire Ethereum blockchain for smart contracts with similar bytecode. This unique capability acts as an immunization against similar attacks in the future, leveraging our proprietary heuristics and machine learning algorithms to identify potentially malicious or criminal contracts lurking within the blockchain ecosystem.
These latest additions to the AnChain.AI Web3 Security Suite work in tandem with our existing ML/Risk Model. By combining the insights from SCREEN’s Bytecode Analysis, Bytecode Similarity Scan, BEI, and CISO, organizations can significantly enhance their security maturity, prevent fraud and hacks, and bolster post-incident investigation efforts. These integrated features empower security professionals to stay one step ahead of potential threats, mitigating risks and securing their exposure to bad actors in the Web3 ecosystem.
SCREEN’s Bytecode Analysis and Bytecode Similarity Scan have revolutionized smart contract security. By decoding previously indecipherable smart contracts, organizations can enhance security maturity, prevent fraud and attacks, and facilitate comprehensive post-incident investigations like never before.
Are you ready to take control of your smart contract security? Schedule a demo of SCREEN today.