A potential ‘white hat hacker certification’ exploits THORChain for $8 million

A potential ‘white hat hacker certification’ exploits THORChain for $8 million

Cryptocurrency Disclosure
July 27, 2021 by Delnia
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THORChain, a cross-chain decentralized exchange, has been hacked for the second time in many weeks, resulting in the loss of $8 million in Ether. The assault appears to have been carried out by a white-hat hacker, according to THORChain, who announced that the culprit had sought a 10% prize. The trading of ETH will be halted until the code has been audited.
A potential 'white hat hacker certification' exploits THORChain for $8 million

In an attempt to teach THORChain a lesson, the white hat hacker certification claims to have compassionately limited the harm of their $8 million vulnerability.

It will use the project’s treasury money to reimburse liquidity providers affected by the exploit.

The whitehat has requested a 10% reward, which will be paid out if they contact us, which they should be encouraged to do.

The neighborhood and project are going through a difficult period, and the suffering is palpable.

The Treasury has the necessary cash, but it’s time to take it easy.

The exchange, which is amid a Chaosnet staged beta launch, admitted that the “complexity” of its state machine is THORChain’s “Archille’s heel. According to the study, the flaws “may be rectified with more eyes on, as well as a rethink in development processes and peer-review.”

The breach appears to have transmitted a message to the project via transaction data, according to a screenshot posted from the project’s Discord forum.

The hacker says they purposefully limited the impact of the attack to teach THORChain a lesson, saying, “Do not hurry code that handles nine figures,” and “Disable until audits are complete.

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White hat hacker certification stolen coins

The white hat hacker certification claims that if they had wanted to, they could have stolen Ether, Bitcoin, Binance Coin, Lycancoin, and a large number of BEP-20 tokens, claiming that “several major flaws” were discovered and that a 10 percent bug bounty might have averted the occurrence.

THORChain was suspended on Jul. 16 after 4,000 Ether worth $7.6 million was taken from the system. The protocol tried unsuccessfully to offer the hacker a bug reward in exchange for the stolen cash.

In April, THORChain launched its “Chaosnet” beta, allowing for cross-chain exchanges across the Bitcoin (BTC), Ethereum, Litecoin, Bitcoin Cash, and Binance Chain networks.

After an $8 million hack, ChainSwap proposes compensation and a “depth audit” plan on white hat hacker certification

Before the white hat hacker certification, the project would distribute governance tokens to holders based on their balances.

Following an $8 million loss in its second security breach this month, ChainSwap, a cross-chain asset bridge, has established a compensation plan for users.

A vulnerability was discovered on Jul. 10, allowing a hacker to steal over 20 different assets from partner exchange liquidity pools. The hack has harmed the markets for various assets, including Nord, Razor, Antimatter, and Ora tokens, all of which were taken by the attacker.

The history of native token of ChainSwap

The native token of ChainSwap, ASAP, fell by more than 99 percent throughout the event. An attacker made off with $800,000 in a different breach on Jul. 2. white hat hacker certification

ChainSwap said on Jul. 14 that it would pay afflicted customers via an airdrop based on their ASAP holdings before the breach, emphasizing that tokens held on the BSC and Huobi Eco Chain networks would be airdropped to the Ethereum mainnet.

In addition to Stablecoins from its “team fund,” ChainSwap said it liquidated 717,200 ASAP (worth about $150,000) from its Treasury and distributed it to reimburse impacted partner projects.

After suspending its bridge, the project could also remove liquidity providers’ cash from Uniswap and compel the burning of all compromised monies from the white hat hacker certification wallet. ChainSwap is in talks with several auditing companies to perform a “deep audit“.

Programs on the white hat hacker certification

Future software releases from the team will incorporate more code testing, bug bounty programs, and third-party auditing methods.

The NFT project Wilder World was among those severely harmed by the assault, with the attacker obtaining the power to manufacture 20 million of the project’s native WILD tokens and sending them to their address. The tokens were quickly unloaded in a single transaction for $207,000 in Wrapped Binance Coin, wiping out more than 99 percent of the token’s value in the process.

After completing the minting procedure, the attacker sold 20,000,000 $WILD on PCS for 652.44 WBNB ($207,216.47 USD) in a single transaction. As a result, virtually all BNB liquidity in the $WILD/BNB PSC pool was removed.

Furthermore, the attacker obtained two million WILD from the ChainSwap bridge contract, which it sold for $327,000 in nine trades.

An employee of Cryptopia has admitted to stealing $172Kin cryptocurrency

Although it had not yet been linked to the cryptocurrency exchange’s collapse the previous year, it found the loss in September.

By duplicating consumers’ private keys, a former employee of the now-defunct cryptocurrency exchange Cryptopia admits to stealing roughly $172,000 in bitcoin.

According to a Monday story from New Zealand news outlet Stuff, the anonymous Cryptopia employee pleaded guilty in Christchurch District Court to the theft of more than $1,000 and theft “by a person in a specific connection,” the court found, and the employee will be punished. They also called white hat hacker certification to be hacked.

On September 3, David Ruscoe, a partner in Grant Thornton’s financial advisory services. the liquidation accounting company is the responsibility of Cryptopia When he observed that it had withdrawn 13 Bitcoin (BTC) from several accounts on the crypto market, valued at around $165,000 at the time. He realized it was a theft. It also put 2 BTC of the stolen funds through the mystery attacker’s crypto mixer.

A massive attack occurred at the New Zealand-based exchange, resulting in about $16 million to $18 million in cryptocurrency. It later terminated Cryptopia’s services, and the company was forced to close. However, in May 2020, a court ruled that customers of the exchange were entitled to get their funds back, and the claims procedure has already commenced.

The sum-up about white hat hacker certification story

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References:
https://cointelegraph.com/news/possible-white-hat-hacker…

https://cointelegraph.com/news/chainswap-announces…
https://cointelegraph.com/news/your-keys-his-coins-cryptopia…

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