Information of the biggest bug bounty ever paid out by crypto change Coinbase has been circulating. The bounty which was paid to a white hat hacker who discovered a bug within the change’s advance buying and selling function was paid $250,000. This is usually a sizable quantity for a bug bounty however customers within the area have lamented the reward paid to the hacker who might have fairly actually damaged the platform.
How The Hacker Discovered The Bug
The pseudonymous white-hat hacker solely identified on Twitter as Tree of Alpha defined how they discovered the hack on the Coinbase crypto change. In response to them, that they had discovered a method that might enable any consumer to promote BTC or another coin with out truly proudly owning them on the change. By merely altering the product_id, Tree of Alpha had been in a position to place profitable purchases on buying and selling pairs they weren’t allowed to commerce.
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They’d then tried to copy this by putting a commerce order of fifty BTC for under 50 SHIB and shocking the order had gone by means of Mainly, the hacker had been in a position to purchase nearly $2 million price of bitcoin utilizing lower than two cents price of SHIB.
“For my final take a look at earlier than reporting this to verify, I: -send 9M SHIB to my Coinbase account -change supply account id to my SHIB account on Coinbase -put a 50 BTC restrict promote order utilizing 50 SHIB -ask individuals round me if they’re, too, seeing it,” Tree of Alpha posted on Twitter.
After verifying the bug, the white hat hacker had reached out on Twitter asking the crypto group to place them in touch with the CEO of Coinbase, Brian Armstrong. The method was very quick and never lengthy after, Coinbase was in a position to avert what might have been a disastrous state of affairs by stopping all superior buying and selling.
Customers Not Blissful With Coinbase
Following the publicity of the bug and Coinbase had addressed the state of affairs, Tree of Alpha had been awarded a bug bounty of $250,000 for drawing consideration to the state of affairs. Information of this bug bounty rapidly circulated and customers within the area have shared their opinions on the quantity awarded to the hacker.
Plenty of customers accused Coinbase of being low cost and solely awarding $250,000 for somebody who drew consideration to one thing that would have successfully crippled the change. Others referred to the mount as an insult. One other user criticized the change for the quantity but additionally lauded the hacker for his or her efforts, saying, “Coinbase might have paid extra but additionally, the nerves on this dude to not nuke the market, Coinbase (attributable to arbitrage merchants), and simply all of us. Thanks dude!”
Different customers expressed that the hacker ought to’ve gotten extra for what they did. One user, specifically, expressed that they hoped the hacker had saved among the bitcoins bought on the change for themselves. “I hope he did truly take a LITTLE simply as further compensation as a result of 250k is fuck all to an organization like Coinbase!”
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The $250,000 bug bounty paid to Tree of Alpha is the biggest bug bounty ever paid out by Coinbase, a incontrovertible fact that has come as a shock to many given the dimensions of the change and the quantity its smaller counterparts (DEXes) have been paying as bug bounties. Most notably is the hacker that obtained awarded $2 million for finding a critical bug in the Ethereum layer 2 rollup solution, Optimism.
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