 | In the nick of time, a gigantic crisis for the major US crypto exchange Coinbase was recently prevented. A "white hat hacker", a hacker with good intentions, came across a major vulnerability and instead of exploiting it, he notified the team at Coinbase. Coinbase was able to fix the vulnerability in no time and publicly thanked the hacker. Coinbase white hat hacker The hacker in question is known on social media as "Tree of Alpha. On Twitter a few days ago, he let it be known that he wanted to get in touch with Coinbase's dev team urgently. As it turns out, he was on to something important. Just a few hours later, Coinbase announced that they had temporarily suspended all trading on the Advanced Trading platform under the guise of "technical problems. Moments later, the problems had been resolved, Tree of Alpha itself confirmed. According to Tree of Alpha, the problems could have potentially caused a real catastrophe for Coinbase and the rest of the crypto industry. Indeed, the vulnerability allowed malicious parties to manipulate all Coinbase order books with fake prices. Of course, the consequences of such an exploit would have been huge, not only for the crypto exchange, but for the overall crypto industry. Coinbase CEO Brian Armstong Brian Armstrong, CEO of Coinbase, has since publicly thanked Tree of Alpha. According to him, the hacker's willingness to warn Coinbase instead of exploiting the vulnerability himself once again shows what the crypto community really stands for. It is unknown if Tree of Alpha received a reward for his achievements. This is often the case within the crypto industry. At least Coinbase can count itself lucky that it ended with a bang. [link] [comments] |
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