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Currently, little is known about the structure of the Cargo ecosystem and the potential for vulnerability propagation. Many empirical studies generalize third-party dependency governance strategies from a single software ecosystem to other ecosystems but ignore the differences in the technical structures of different software ecosystems, making it difficult to directly generalize security governance strategies from other ecosystems to the Cargo ecosystem. To fill the gap in this area, this paper constructs a knowledge graph of dependency vulnerabilities for the Cargo ecosystem using techniques related to knowledge graphs to address this challenge. This paper is the first large-scale empirical study in a related research area to address vulnerability propagation in the Cargo ecosystem. This paper proposes a dependency-vulnerability knowledge graph parsing algorithm to determine the vulnerability propagation path and propagation range and empirically studies the characteristics of vulnerabilities in the Cargo ecosystem, the propagation range, and the factors that cause vulnerability propagation. Our research has found that the Cargo ecosystem's security vulnerabilities are primarily memory-related. 18% of the libraries affected by the vulnerability is still affected by the vulnerability in the latest version of the library. The number of versions affected by the propagation of the vulnerabilities is 19.78% in the entire Cargo ecosystem. This paper looks at the characteristics and propagation factors triggering vulnerabilities in the Cargo ecosystem. It provides some practical resolution strategies for administrators of the Cargo community, developers who use Cargo to manage third-party libraries, and library owners. This paper provides new ideas for improving the overall security of the Cargo ecosystem.