KUALA LUMPUR, June 20 (Bernama) -- CertiK, a global pioneer in blockchain security, was awarded a US$500,000 bounty by Sui for the discovery of a new type of security threat codenamed "HamsterWheel”, which had the potential to disrupt the entire Sui Layer one chain. (US$1=RM4.63)
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, and this strategy can cripple entire networks, effectively rendering them inoperable.
CertiK Chief Security Officer, Kang Li said the discovery of the HamsterWheel attack demonstrated 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,” he said in a statement.
The security firm reported this critical vulnerability to Sui ahead of its mainnet launch and received confirmation from Sui about the potential damages the HamsterWheel attack could inflict on the network.
Recognising the gravity of the situation, Sui swiftly implemented solutions to mitigate the potential harm of such attacks. Fixes have already been rolled out to ensure the security of the SUI network.
In appreciation of CertiK's pivotal discovery, Sui has paid out a US$500,000 reward for this critical finding. This gesture underscores the value of proactive cybersecurity efforts, bug bounty programmes, and the importance of fostering a secure and resilient blockchain ecosystem.
This incident highlights the necessity of robust security measures and preemptive threat identification in the rapidly developing blockchain space. It reiterates CertiK's commitment to securing the web3 world through cutting-edge technologies and best-in-class security services.
-- BERNAMA
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