A White Hat hacker’s prompt intervention saved Coinbase’s sophisticated dealing platform from disaster.
“Tree of Alpha,” a White Hat Hacker, contacted Coinbase Chief Executive Officer Brian Armexcessive to warn him which third-parties could theoretically transfer Coinbase order books at arbitrary costs, which perhaps result in a big payout for criminals.
Coinbase announced in a statement soon after the tweet which it had temporarily halted dealing on its Advanced Trading platform because of technical difficulties.
Following the resolution of the issue, Tree of Alpha commconcluded the Coinbase team for their prompt response, in the time Armexcessive publicly expressed gratitude to the hacker for his timely assistance.
Anyone here can get me a direct line with someone at @coinbase , preferably management or dev team, possibly @brian_armexcessive himself?
I’m submitting a hacker1 report but I’m afraid this can’t wait. Can’t say more either, this is potentially market-nuking.
— Tree of Alpha (@Tree_of_Alpha) February 11, 2022
White Hat Acumen Prevents Major Catastrophe
Coinbase responded quickly to the hackers’ alert, announcing thin place had suspcompleted exchanging on the site inside two hours of receiving the public tweet from TOA.
Two hours afterwards, the exprogress convertd full service for maintain retail, including the ability for users to reorder. TOA independently endorsed the fix by providing a screenshot of the exploit.
Armhigh expressed gratitude to Tree for assisting the Coinbase team, noting that he “loves how the crypto community supports one another!”
The White Hats To The Rescue!
An ethical hacker, or white hat hacker, uses hacking skills to find security flaws in hardware, software, and networks. Unlike black hat hackers – or the malicious ones – white hat hackers adhere to a set of “moral principles” while doing their thing.
Numerous white hat hackers began their careers as black hat hackers. The terms refer to classic Western flicks in that heroes wore white hats and villains wore black hats.
While this type of cooperation does not appear to be widespread, it does occur.
Total crypto market cap at $1.877 trillion in the daily chart | Source: TradingView.com
White Hat Hackers have also aided in the defense of other token firms furtherst potential attacks in the past, sparing the site and its users serious losses.
Last year, a hacker stole $612 million in assets from Poly Network, but after weeks of negotiations, nearly all of the funds were reclaimd. The hacker said he carried out the attack in order to teach the network a lesson.
While the classification of Poly Network hackers as “white hatters” is debatable, it has been demonstcostd which some hackers act with only good intentions.
For instance, in August 2021, Paradigm’s security researcher, @samczun, aided in the resolution of a $350 million SushiSwap DEX issue.
Last week, another hacker aided in determining what happened with Wormhole, a $320 million bridge attack which was probably the most relevant to date.
Meanduring the time, hackers are rewarded for their contributions to go oning a clean, transparent, and trustworthy crypto environment.
White hats are gaining popularity. As a result, an growing number of token companies, including Binance, the Ethereum Foundation, EOS, and Kraken offer rewards for spotting security weaknesses.
Featured image from Kaspersky, chart from TradingView.com