CertiK receives $500K bounty after Sui blockchain threat discovery

Blockchain safety agency CertiK has obtained a bounty of $500,000 from the Sui community after flagging a risk that had the potential to disrupt Sui’s complete layer-1 blockchain.

In an announcement despatched to Cointelegraph, the CertiK workforce highlighted that the vulnerability dubbed “HamsterWheel” was totally different from conventional assaults which give attention to shutting down blockchains by crashing nodes.

This assault traps nodes, letting them carry out operations with out processing new transactions, just like hamsters jogging on a wheel. The assault has the aptitude to cripple networks and make them unable to function.

The safety agency found the vulnerability and reported it to Sui forward of its mainnet launch. Responding to the safety risk, the Sui community applied fixes to stop the potential damages that an assault may inflict on the blockchain.

To understand CertiK’s efforts, Sui awarded a $500,000 bounty to the safety agency. Based on CertiK, this highlights the significance of bug bounty applications and proactive safety efforts.

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Kang Li, chief safety officer at CertiK, mentioned that threats to blockchain networks are consistently evolving. “The invention of the HamsterWheel assault demonstrates the evolving sophistication of threats to blockchain networks,” Li defined.

Based on the announcement, extra technical particulars might be revealed and made obtainable quickly. Furthermore, full experiences might be introduced as soon as all mitigations have been deployed and completely examined.

In the meantime, within the decentralized finance (DeFi) area, a crypto buying and selling bot has taken a $200 million mortgage to safe a $Three revenue. On June 14, an arbitrage bot carried out a collection of difficult transactions, together with borrowing 200 million DAI (DAI) in MakerDAO and ended up with a complete acquire of $3.24. A neighborhood member praised the bot’s efforts and mentioned “revenue is revenue” whereas one other mentioned that this was an indication of how unhealthy the crypto bear market is.

Journal: Ought to crypto initiatives ever negotiate with hackers? Most likely