Smart contracts face operates an open and transparent network and increased vulnerability to hacking and potential economic losses and large volumes of financial assets are stored, managed and operated on. Reentrancy attack is one of the main vulnerabilities of smart contracts. Reentrancy attacks exploit vulnerabilities in smart contracts that allow malicious actors to repeatedly re-enter a function before the previous invocation completes, leading to unexpected behaviors and potential financial losses. This project analyzed the current state of reentrancy attacks, simulates the attack with a smart contract and develops a model for detecting the attack. The project concludes with a recommendation to continue investigating the potential of reentrancy attacks on smart contracts, and to focus on overcoming the challenges it presents.

Authors: Olaniyi Abiodun Ayeni, Adejumo Ibitola Elizabeth, Kolawole David Adedamola

Published in: International Conference for Internet Technology and Secured Transactions (ICITST-2024)

• Date of Conference: 4-6 November 2024
• DOI: 10.20533/ICITST.2024.0013
• ISBN: 978-1-913572-76-1
• Conference Location: St Anne’s College, Oxford University, UK