Sign up to save your podcasts
Or
Share Coinbase has come under fire for paying a $250,000 bounty to a white hat hacker
Share to email
Share to Facebook
Share to X
Share to email
Share to Facebook
Share to X
Or
Coinbase has come under fire for paying a $250,000 bounty to a white hat hacker
A white hat hacker recently received Coinbase's largest bug bounty ever. However, the amount paid has sparked debate in the cryptocurrency community, with some claiming that it was insufficient in light of the damage caused by this bug.
Coinbase hiccup
Tree of Alpha, a white-hat hacker, explained how they discovered the bug on the Coinbase exchange on Twitter. An attacker could exploit this flaw to sell Bitcoin and other cryptocurrencies on Coinbase while not actually owning any of them. The product id could be changed to accomplish this. By exploiting this bug, Tree of Alpha was able to make trades.
The white-hat hacker tried to exchange 50 BTC for 50 SHIB. The order was completed successfully. The attacker was able to purchase nearly $2 million in Bitcoin for less than two cents in Shiba Inu.
"For my final test before reporting this, I did the following: -send 9M SHIB to my Coinbase account – change source account id to my SHIB account on Coinbase – place a 50 BTC limit sell order using 50 SHIB – ask people around me if they are also seeing it," he said.
The white hat tweeted his findings and requested that Coinbase contact him. The response was swift, and Coinbase was able to avert a potentially disastrous situation.
The cryptocurrency community is dissatisfied with the bug bounty programme.
The white-hat hacker received a $250,000 reward from the exchange. The bounty amount quickly sparked a debate in the crypto community, with many claiming that it was cheap for Coinbase to give such a reward to someone who had assisted the exchange in avoiding its most serious vulnerability to date.
One user even hoped that the hacker kept some of the Bitcoin he purchased after discovering the bug. "I hope he took a LITTLE just as extra compensation because $250K is fuck all to a company like Coinbase," the user commented.
Many users were taken aback when it was revealed that the $250,000 bug bounty paid by Coinbase was the largest ever paid by the exchange, given the exchange's massive valuation when it went public last year. Furthermore, decentralised exchanges (DEXs) with much lower trading volumes pay much higher bounties in the millions of dollars.
Support us!
View all episodes
By Crypto PiratesA white hat hacker recently received Coinbase's largest bug bounty ever. However, the amount paid has sparked debate in the cryptocurrency community, with some claiming that it was insufficient in light of the damage caused by this bug.
Coinbase hiccup
Tree of Alpha, a white-hat hacker, explained how they discovered the bug on the Coinbase exchange on Twitter. An attacker could exploit this flaw to sell Bitcoin and other cryptocurrencies on Coinbase while not actually owning any of them. The product id could be changed to accomplish this. By exploiting this bug, Tree of Alpha was able to make trades.
The white-hat hacker tried to exchange 50 BTC for 50 SHIB. The order was completed successfully. The attacker was able to purchase nearly $2 million in Bitcoin for less than two cents in Shiba Inu.
"For my final test before reporting this, I did the following: -send 9M SHIB to my Coinbase account – change source account id to my SHIB account on Coinbase – place a 50 BTC limit sell order using 50 SHIB – ask people around me if they are also seeing it," he said.
The white hat tweeted his findings and requested that Coinbase contact him. The response was swift, and Coinbase was able to avert a potentially disastrous situation.
The cryptocurrency community is dissatisfied with the bug bounty programme.
The white-hat hacker received a $250,000 reward from the exchange. The bounty amount quickly sparked a debate in the crypto community, with many claiming that it was cheap for Coinbase to give such a reward to someone who had assisted the exchange in avoiding its most serious vulnerability to date.
One user even hoped that the hacker kept some of the Bitcoin he purchased after discovering the bug. "I hope he took a LITTLE just as extra compensation because $250K is fuck all to a company like Coinbase," the user commented.
Many users were taken aback when it was revealed that the $250,000 bug bounty paid by Coinbase was the largest ever paid by the exchange, given the exchange's massive valuation when it went public last year. Furthermore, decentralised exchanges (DEXs) with much lower trading volumes pay much higher bounties in the millions of dollars.
Support us!