CertiK receives $500K bounty after Sui blockchain threat discovery

CertiK Awarded $500,000 Bounty for Identifying Risk to Sui Network

CertiK, a blockchain security company, was awarded a $500,000 bounty from the Sui network after it identified a risk that could have disrupted Sui’s layer-1 blockchain entirely.

In a communication to Cointelegraph, the CertiK group noted that the vulnerability called “HamsterWheel” was distinct from conventional assaults which concentrate on halting blockchains by crashing nodes.

This attack ensnares nodes, allowing them to carry out operations without processing new transactions, akin to hamsters running on a wheel. This attack has the potential to cripple networks and render them inoperable.

The security company identified the vulnerability and notified Sui prior to the mainnet launch. In response to the security risk, the Sui network applied repairs to avert the potential harm that a breach could bring to the blockchain.

In recognition of CertiK’s endeavors, Sui presented a $500,000 reward to the cybersecurity company. CertiK noted that this illustrates the significance of bug bounty initiatives and proactive security initiatives.

Hackers Leverage Mining Pools as Mixers and Crypto Trading Bot Takes Out $200 Million Loan

Here is how hackers are leveraging mining pools as mixers: Chainalysis.

Kang Li, the head of security at CertiK, remarked that the dangers to blockchain networks are in a constant state of development. “The revelation of the HamsterWheel attack illustrates the increasing complexity of risks to blockchain networks,” Li stated.

As per the declaration, additional technical specifics will be revealed and made accessible shortly. Furthermore, complete reports will be announced after all countermeasures have been installed and completely examined.

In the decentralized finance (DeFi) realm, a crypto trading bot recently took out a loan of $200 million to secure a meager profit of $3. On June 14th, an arbitrage bot executed a sequence of intricate trades, which included borrowing 200 million DAI from MakerDAO, and ultimately gained a total of $3.24. One community member commended the bot’s hard work saying “profit is profit” while another asserted that this was an indicator of the current crypto bear market.

Magazine: Is it ever advisable for crypto projects to negotiate with hackers? Most likely.

Categorized in:

Tagged in: