White hat hacker grumbles over Arbitrum bounty reward after saving network from $475M loss

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White Hat hacker grumbles over Arbitrum bounty reward after saving network from $475M loss White Hat hacker grumbles over Arbitrum bounty reward after saving network from $475M loss
White Hat hacker grumbles over Arbitrum bounty reward after saving network from $475M loss

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cover art/illustration via cryptoslate

Riptide, a white hat hacker who discovered a vulnerability on Arbitrum, tweeted that his discovery was eligible for a maximum bounty of $2 million instead of a 400 ETH ($53,000) reward.

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Ethereum scaling tool Arbitrum survived a multimillion-dollar hack after hackers noticed a vulnerability in the bridge connecting the Layer 2 network to ETH’s mainnet. The vulnerability affects how transactions are stored and processed on the network and allows malicious players to steal all funds sent over the Layer 2 network.

vulnerability

according For a white hat hacker, transactions that enter Arbitrum via the bridge can be hijacked by malicious players who can set their address as the recipient’s address.

Riptide continued that if hackers only targeted large ETH deposits, or they could move on to the next major ETH deposit, such exploits could go undetected for a long time.

Considering that the largest deposit on the Inbox contract in the last 24 hours was 168,000 ETH ($250 million), exploiting the vulnerability could have caused millions in losses.

reward reward

While Riptide initially praised Arbitrum for the 400 ETH bounty, the white hat hacker later tweeted that their work received a maximum reward of $2 million.

riptides Told,

“My point is that if you post a bounty of $2MM – be prepared to pay it when it is appropriate. Otherwise, say the maximum reward is 400 ETH and be done with it. Hackers see which projects Which pay and which don’t. It’s not a good idea IMO to encourage whitehats to go blackhats.”

Riptide’s new comments came after a Twitter user showed that the bridge was recently used to transfer more than $400 million.

Meanwhile, bridge exploitation is currently one of the biggest security concerns in the cryptocurrency industry. In the last one year alone, attacks on bridges have caused damage of about one billion dollars.





Credit : cryptoslate.com

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