Blockchain security firm CertiK is receiving a big reward for discovering a major security threat to the layer-1 blockchain project Sui Network (SUI).
According to a new press release, Sui is giving CertiK a $500,000 reward for identifying the threat codenamed “HamsterWheel,” which could have crippled the entire blockchain network.
“Differing from traditional attacks that shut down chains by crashing nodes, the HamsterWheel attack traps all nodes in a state of ceaseless operation without processing new transactions, as if they were running on a hamster wheel. This strategy can cripple entire networks, effectively rendering them inoperable.”
Says Kang Li, CertiK’s chief security officer,
“The discovery of the HamsterWheel attack demonstrates the evolving sophistication of threats to blockchain networks. At CertiK, we are dedicated to staying at the forefront of security developments to ensure the safety and reliability of the Web3 world.”
CertiK reported the threat to Sui prior to its mainnet launch in early May and Sui added security fixes to the network, according to the release.
The Sui project, an Aptos (APT) competitor which was developed by Mysten Labs, has a total supply of 10 billion SUI tokens with 5.28% of them available for retail trading.
The Sui Network runs on a delegated proof-of-stake (dPOS) consensus mechanism and aims to provide low latency and high throughput.
Sui is trading for $0.79 at time of writing, up 2.5% during the last 24 hours.
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Source: https://dailyhodl.com/2023/06/21/blockchain-security-firm-collects-500000-bug-bounty-for-finding-threat-that-could-have-crippled-sui-network/