Cryptocurrency exchange Coinbase reacted to the message of the white hacker and suspended trading on the new Advanced Trading platform.
White hacker under the pseudonym “Tree of Alpha” February 11
warned cryptocurrency exchange Coinbase via Twitter about the presence of an exploit on the new Advanced Trading platform that “has the potential to blow up the market.” The white hat hacker clarified that Coinbase wallets are safe.
Anyone here can get me a direct line with someone at @coinbasepreferably management or dev team, possibly @brian_armstrong 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.
DMs open.
— Tree of Alpha (@Tree_of_Alpha) February 11, 2022
“This is a delicate issue and could allow attackers to set arbitrary prices across all of Coinbase’s order books.”
Two hours after the first Coinbase message
informed on Twitter that for technical reasons, the exchange disables trading on the Advanced Trading platform. The operator clarified that the service will remain available, but users will not be able to cancel existing orders and place new orders. The Advanced Trading service will be available to a limited part of the audience for some time. After some time Coinbase
warnedthat the service is once again available to users. Coinbase CEO Brian Armstrong has publicly expressed his appreciation for white hat hacker Tree of Alpha.
Anonymous blockchain security specialists really put a lot of time and effort into finding vulnerabilities in projects or finding stolen money and cybercriminals. In turn, the projects provide for rewards for white hat hackers. In January, an independent cybersecurity specialist conducted an independent investigation and forced the founders of the StableMagnet fraudulent project, which stole $ 25 million, to return the money to users. Last year, Polygon rewarded two white hat hackers who discovered a vulnerability that compromised 9.2 billion MATIC tokens. In October 2022, white hat hackers helped the dYdX exchange secure $2 million in user deposits.
Source: Bits
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