• Blockchain security firm CertiK is receiving a $500,000 reward for identifying a major security threat to the Sui Network (SUI).
• The attack, codenamed “HamsterWheel”, could have crippled the entire blockchain network.
• Mysten Labs-developed Sui Network runs on a delegated proof-of-stake (dPOS) consensus mechanism and aims to provide low latency and high throughput.
CertiK Collects $500,000 Bug Bounty
Blockchain security firm CertiK is receiving a big reward for discovering a major security threat to the layer-1 blockchain project Sui Network ( SUI ). Sui is giving CertiK a $500,000 reward for identifying the threat codenamed “HamsterWheel” which could have crippled the entire blockchain network.
What Is The HamsterWheel Attack?
The HamsterWheel attack traps all nodes in a state of ceaseless operation without processing new transactions, as if they were running on a hamster wheel. This strategy can cripple entire networks, effectively rendering them inoperable. Kang Li, CertiK’s chief security officer stated that this discovery demonstrates the evolving sophistication of threats to blockchain networks.
Sui Network Security Fixes
Certik reported the threat to Sui prior to its mainnet launch in early May and Sui added security fixes to the network. The total supply of SUI tokens has 10 billion with 5.28% available for retail trading. At time of writing SUI was trading for $0.79 , up 2.5% during the last 24 hours.
The Aim Of The Sui Project
The Sui project is an Aptos ( APT ) competitor which was developed by Mysten Labs and aims to provide low latency and high throughput via delegated proof-of-stake (dPOS) consensus mechanism .
Conclusion
Certik’s detection of this potential attack shows how important it is for organizations to remain vigilant about their digital infrastructure when it comes to protecting against malicious actors and threats that can affect their operations and data integrity.