Blockchain security firm CertiK has uncovered a powerful security threat in an altcoin project. In return, the relevant project team thanked CertiK with an award of 500 thousand dollars.
CertiK reveals new security threat in altcoin project
Blockchain security company CertiK has uncovered a powerful new security threat on Sui Network. He received the $500,000 award from SUI for his important role in this work. Nu threat is known as “HamsterWheel”. The vulnerability had the potential to disrupt the entire SUI Blockchain. It also posed a significant risk to the Blockchain ecosystem. Unlike traditional attacks that crash nodes to shut down blockchains, the HamsterWheel attack applied a different strategy. It put all nodes in a non-stop running state without processing new transactions, similar to running on a hamster wheel. It was possible that this would potentially cripple entire networks, rendering them inoperable.
cryptocoin.comAs you follow, CertiK promptly reported this critical vulnerability to SUI prior to main-net launch. Received confirmation from SUI about the potential damage a HamsterWheel attack could cause to the network. Aware of the gravity of the situation, SUI quickly acted to implement solutions aimed at mitigating the potential harm from such attacks. The Altcoin team is currently implementing fixes to secure its network.
SUI awards $500,000 for the discovery of CertiK
In recognition of CertiK’s discovery, SUI awarded them a generous $500,000 reward for their key findings. This gesture is a testament to the overall importance of proactive cybersecurity efforts, bug bounty programs, and fostering a secure and resilient Blockchain ecosystem. CertiK Chief Security Officer Kang Li emphasized that threats to blockchain networks are becoming increasingly complex. In this context, Li said:
The discovery of the HamsterWheel attack shows that threats to Blockchain networks are becoming increasingly sophisticated. At CertiK, we are committed to being at the forefront of security developments to ensure the security and reliability of the Web3 world.
Additional information regarding the technical specifications of the HamsterWheel attack and its effects on first-layer Blockchains will be announced in the near future. In addition, the altcoin team will release comprehensive reports after all measures have been thoroughly tested and fully implemented.
Robust security measures come to the fore in the blockchain space
This event underscores the robust security measures in the rapidly evolving blockchain space. It also highlights the need for preventive threat identification. It reinforces CertiK’s commitment to securing through best-in-class security services. CertiK is at the forefront of Blockchain security, using the latest artificial intelligence technology to protect and monitor Blockchain protocols and smart contracts. Professors from Yale University and Columbia University founded CertiK in 2018. CertiK’s mission is to secure the web3 world. The company uses groundbreaking innovations from academia to business. Thus, it facilitates the secure and accurate scaling of mission-critical applications.
CertiK is one of the fastest growing and most trusted companies in Blockchain security. The company has secured over $360 billion in digital assets, working with nearly 4,000 corporate clients. It also identified around 70,000 vulnerabilities in the Blockchain code. Major projects such as Aave, Polygon, BNB Chain, YearnFinance and Chiliz have all benefited from CertiK’s services.
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