A popular Layer 2 solution for Ethereum, Arbitrum has rewarded a white hat hacker 400 ETH for discovering a vulnerability in Arbitrum’s payment code, which otherwise could have cost Arbitrum nearly $470 million.
The white hat hacker, who goes by the name Riptide, wrote on Twitter (NYSE:TWTR):
Riptide, who discovers vulnerabilities within smart contracts, said that the million-dollar vulnerability could have potentially affected anyone who wanted to exchange funds from Ethereum to Arbitrum Nitro.
After discovering the vulnerability, the hacker chose to report it and ask for a reward. In return, they asked for 400 ETH, which is nearly $540,000, whereas Arbitrum offered a $2 million reward as its maximum tier.
In August, Arbitrum went through a major update. Riptide thoroughly scanned the Arbitrum Nitro code a few weeks before the release. While doing so, the hacker found a vulnerability where the bridging contract was able to accept deposits, even though the contract was initialized previously.
Riptide further commented:
Nonetheless, Arbitrum saw its activity quadruple after the Nitro upgrade, which took place on August 31. The Layer 2 solution saw daily transactions hitting an all-time high during the month of September.
Meanwhile, OpenSea is also set to launch support for the Arbitrum layer and new NFT projects on September 21, 2022. It will support collections like Smolverse, the GMX Blueberry Club, and Diamond Pepes by dopex_io. The Arbitrum NFT support will go live today on OpenSea, where creators have been suggested to set their creator fees before any transactions occur.
The post Arbitrum Rewards White Hat Hacker For Detecting Vulnerability appeared first on Coin Edition.
See original on CoinEdition
Source: Cryptocurrency - investing.com
