Blockchain security firm CertiK has received a bounty of $500,000 from the Sui network after identifying and reporting a vulnerability named “HamsterWheel” that could have potentially disrupted the entire layer-1 blockchain of Sui. Unlike traditional attacks that aim to crash nodes and shut down blockchains, the HamsterWheel attack traps nodes and prevents them from processing new transactions, which can cripple the network’s operations.
CertiK discovered the vulnerability prior to Sui’s mainnet launch and promptly informed the network. In response, Sui implemented fixes to mitigate the potential damage from an attack. To recognize CertiK’s contribution, Sui awarded the security firm a $500,000 bounty, emphasizing the value of bug bounty programs and proactive security measures.
Kang Li, the chief security officer at CertiK, noted that threats to blockchain networks are continuously evolving, and the discovery of the HamsterWheel attack highlights the increasing sophistication of these threats.
More technical details about the vulnerability will be released soon, along with comprehensive reports once all mitigations have been deployed and thoroughly tested.
In a separate development in the decentralized finance (DeFi) space, a crypto trading bot took out a loan of $200 million in DAI from MakerDAO to execute a series of complex transactions, resulting in a profit of $3.24. This event sparked mixed reactions, with one community member considering any profit as valuable, while another interpreted it as a reflection of the challenging conditions in the crypto bear market.
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