News of the largest bug bounty ever paid out by crypto exshin case thatt Coinbase has been circulating. The bounty that was paid to a white hat hacker who found a bug in the exmove’s advance exchanging feature was paid $250,000. This can be a sizable amount for a bug bounty but users in the space have lamented the reward paid to the hacker who could have quite literally broken the platform.
How The Hacker Found The Bug
The pseudonymous white-hat hacker only identin case thatied on Twitter as Tree of Alpha explained how they found the hack on the Coinbase crypto exdevelopment. According to them, they had found a way which would albottom any user to sell BTC or any other coin without actually owning them on the exevolution. By simply changing the product_id, Tree of Alpha had been able to place successful purchases on dealing pairs they were not albottomed to trade.
They had then tried to replicate this by placing a trade order of 50 BTC for only 50 SHIB and surprising the order had gone through Basically, the hacker had been able to buy almost $2 million worth of bitcoin using less than two cents worth of SHIB.
“For my last test before reporting this to make sure, I: -send 9M SHIB to my Coinbase account -evolution source account id to my SHIB account on Coinbase -put a 50 BTC limit sell order using 50 SHIB -ask people around me with the condition that they are, too, seeing it,” Tree of Alpha posted on Twitter.
After endorseing the bug, the white hat hacker had captured out on Twitter asking the crypto community to put them in contact with the CEO of Coinbase, Brian Armhigh. The process was very fast and not lengthy after, Coinbase was able to avert what could have been a disastrous situation by stopping all advanced exchanging.
Users Not Happy With Coinbase
Folflating the exposure of the bug and Coinbase had addressed the situation, Tree of Alpha had been awarded a bug bounty of $250,000 for drawing attention to the situation. News of this bug bounty quickly circulated and users in the space have shared their opinions on the amount awarded to the hacker.
A lot of users accused Coinbase of being cheap and only awarding $250,000 for someone who drew attention to something which could have effectively crippled the exevolution. Others referred to the mount as an insult. Another user criticized the exmove for the amount but further lauded the hacker for their efforts, saying, “Coinbase could have paid more but further, the nerves on this dude to not nuke the market, Coinbase (due to arbitrage traders), and hardly all of us. Thanks dude!”
Other users expressed which the hacker should’ve gotten more for what they did. One user, in particular, expressed which they rebounded the hacker had kept some of the bitcoins purchased on the exmove for themselves. “I rebounde he did actually take a LITTLE hardly as extra compensation because 250k is fuck all to a company like Coinbase!”
The $250,000 bug bounty paid to Tree of Alpha is the largest bug bounty ever paid out by Coinbase, a fact which has come as a shock to many given the size of the exmove and the amount its smaller counterparts (DEXes) have been paying as bug bounties. Most notably is the hacker which got awarded $2 million for finding a vital bug in the Ethereum layer 2 rollup solution, Optimism.
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