Blockchain security firm CertiK has been awarded a $500,000 bounty by the Sui network after uncovering a vulnerability that posed a significant risk to the entire layer-1 blockchain. The vulnerability, named “HamsterWheel,” operates by trapping nodes in an endless loop, preventing the processing of new transactions and potentially crippling the network’s operations.
Unlike traditional attacks that aim to crash blockchain nodes, this unique attack allows nodes to perform operations without progressing further, akin to hamsters running on a wheel. CertiK identified the threat before the Sui network’s mainnet launch and promptly alerted the team. In response, Sui swiftly implemented necessary fixes to safeguard against the potential damage the attack could have inflicted.
To recognize CertiK’s proactive efforts, Sui rewarded the security firm with a $500,000 bounty. The incident underscores the significance of bug bounty programs and the importance of proactive security measures.
Kang Li, Chief Security Officer at CertiK, emphasized that threats to blockchain networks are continuously evolving, stating that the discovery of the HamsterWheel attack highlights the growing sophistication of such threats.
Further technical details regarding the vulnerability will be released soon, along with comprehensive reports once all mitigations have been deployed and thoroughly tested.
In unrelated news from the decentralized finance (DeFi) space, an arbitrage bot recently executed a series of complex transactions, including borrowing 200 million DAI from MakerDAO, resulting in a meager $3.24 profit. The event sparked discussion among community members, with some applauding the bot’s ability to generate any profit in the challenging crypto bear market, while others reflected on the current market conditions.
