Certik Receives $500,000 Reward For Uncovering Sui Blockchain Threat 

Crypto security is vital for any network as the loss of customers’ assets can create a general market crisis, such as the FTX collapse and resultant fallout. 

In a recent update, the renowned blockchain security firm Certik received a $500,000 reward from the Sui network for its effort in identifying a dangerous threat. According to the report, the threat can cripple the entire Sui layer-1 blockchain in a disastrous situation. 

Certik Receives $500,000 Bounty From Sui Blockchain

On Twitter, Certik announced the award of $500,000 prize money which it received from the Sui network based on efforts to uncover a critical vulnerability on the blockchain.

Certik’s Skyfall team uncovered some weak points in the Sui blockchain they dubbed the Hamster Wheel. This bug could potentially prevent the Sui Network from processing new transactions leading to a total shutdown. Also, this unique attack enables the hacker to create an infinite loop that creates persistent damage even after a network reboot.

Certik noted that they reported the issue to Sui through their bug bounty program after discovery. Sui took the necessary steps to address the issue before the network mainnet launch. Also, they implemented preventive measures to reduce the potential damage caused by the exploitation.

Certik further explained the more technical aspects of the hack in a blog post with diagrams and codes for reference. Certik’s Skyfall team received the $500,000 reward from Sui through the bug bounty initiative. 

Hackers Now Use Mining Pools As Mixers

Crypto hacking has become a menace in the crypto community, with criminals finding more innovative methods to evade detection and prosecution.

According to blockchain analytics platform Chainalysis, wallets involved in ransomware attacks now launder the proceeds of their crime in crypto mining pools.

Chainalysis reports that a highly active wallet address from a mainstream exchange received funds from wallets and mining pools flagged for ransomware.

According to this report, the deposit address received nearly $100 million in digital assets, with $19.1 million from ransomware addresses and $14.1 million from mining pools.

Also, Chainalysis provided a chart detailing the rather complex process these criminals utilize. They transfer funds to an exchange through a mining pool to prevent suspicion from regulators.

Therefore, the crypto mining pools serve as a crypto mixer disguising the true source of these ill-gotten funds. Notably, Chainalysis revealed a spike in the value of tokens sent from ransomware wallets to exchanges.

Additionally, they believe this problem will reduce if mining pools apply a well-detailed screening process combined with Know Your Customer (KYC) procedures.

Also, they referenced research from cyber security firm Madiant detailing how the notorious North Korean hacking syndicate Lazarus Group use stolen crypto to buy new token through hashing services. Crypto hacks and crimes are on the rise, increasing the calls by regulators for stricter laws and customer protection worldwide.