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Wednesday, October 5, 2022
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    HomeBitcoinCrypto Enthusiasts Lament Coinbase’s Largest Bug Bounty Ever

    Crypto Enthusiasts Lament Coinbase’s Largest Bug Bounty Ever

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    Information of the most important bug bounty ever paid out by crypto alternate Coinbase has been circulating. The bounty which was paid to a white hat hacker who discovered a bug within the alternate’s advance buying and selling function was paid $250,000. This is usually a sizable quantity for a bug bounty however customers within the house have lamented the reward paid to the hacker who may 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 alternate. In line with them, they’d discovered a approach that might enable any consumer to promote BTC or every other coin with out really proudly owning them on the alternate. By merely altering the product_id, Tree of Alpha had been capable of place profitable purchases on buying and selling pairs they weren’t allowed to commerce.

    Associated Studying | Ethereum Staking Yields To Double Post-Merge, Says Coinbase

    That they had then tried to duplicate this by inserting a commerce order of fifty BTC for under 50 SHIB and shocking the order had gone by Mainly, the hacker had been capable of purchase nearly $2 million value of bitcoin utilizing lower than two cents value of SHIB.

    “For my final check earlier than reporting this to ensure, 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 folks 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 neighborhood to place them involved with the CEO of Coinbase, Brian Armstrong. The method was very quick and never lengthy after, Coinbase was capable of avert what may have been a disastrous scenario by stopping all superior buying and selling.

    Customers Not Comfortable With Coinbase

    Following the publicity of the bug and Coinbase had addressed the scenario, Tree of Alpha had been awarded a bug bounty of $250,000 for drawing consideration to the scenario. Information of this bug bounty rapidly circulated and customers within the house have shared their opinions on the quantity awarded to the hacker.

    Loads of customers accused Coinbase of being low-cost and solely awarding $250,000 for somebody who drew consideration to one thing that might have successfully crippled the alternate. Others referred to the mount as an insult. One other user criticized the alternate for the quantity but additionally lauded the hacker for his or her efforts, saying, “Coinbase may have paid extra but additionally, the nerves on this dude to not nuke the market, Coinbase (resulting from 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, particularly, expressed that they hoped the hacker had saved a few of the bitcoins bought on the alternate for themselves. “I hope he did really take a LITTLE simply as further compensation as a result of 250k is fuck all to an organization like Coinbase!”

    Associated Studying | US Crypto Miners Are Determined To Boost Their Hash Power Despite Bitcoin’s Drop

    The $250,000 bug bounty paid to Tree of Alpha is the most important bug bounty ever paid out by Coinbase, a proven fact that has come as a shock to many given the dimensions of the alternate 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.

    Crypto Total market cap chart from TradingView.com

    Crypto whole market cap recovers above $1.7 trillion | Supply: Crypto Total Market Cap on TradingView.com
    Featured picture from Bitcoin Insider, chart from TradingView.com





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