• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
Breaking News: Binance.US Takes Action Amidst SEC Complaint: Delists Over 40 Trading Pairs
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
Bitcoinist.com
No Result
View All Result
Breaking News: Binance.US Takes Action Amidst SEC Complaint: Delists Over 40 Trading Pairs
White hat

White Hat Hacker Protects Coinbase From Danger By Spotting Threat

Christian Encila by Christian Encila
1 year ago
in Uncategorized
0

A White Hat hacker’s prompt intervention saved Coinbase’s sophisticated trading platform from disaster.

“Tree of Alpha,” a White Hat Hacker, contacted Coinbase Chief Executive Officer Brian Armstrong to warn him that third-parties could theoretically transfer Coinbase order books at arbitrary rates, which might result in a big payout for criminals.

Coinbase announced in a statement shortly after the tweet that it had temporarily halted trading on its Advanced Trading platform because of technical difficulties.

Following the resolution of the issue, Tree of Alpha commended the Coinbase team for their prompt response, while Armstrong publicly expressed gratitude to the hacker for his timely assistance.

Anyone here can get me a direct line with someone at @coinbase , preferably management or dev team, possibly @brian_armstrong himself?

I’m submitting a hacker1 report but I’m afraid this can’t wait. Can’t say more either, this is potentially market-nuking.

DMs open.

— Tree of Alpha (@Tree_of_Alpha) February 11, 2022

White Hat Acumen Prevents Major Catastrophe

Coinbase responded quickly to the hackers’ alert, announcing that it had suspended trading on the site within two hours of receiving the public tweet from TOA.

Two hours later, the exchange restored full service for advance retail, including the ability for users to reorder. TOA  independently verified the fix by providing a screenshot of the exploit.

Armstrong expressed gratitude to Tree for assisting the Coinbase team, noting that he “loves how the crypto community supports one another!”

The White Hats To The Rescue!

An ethical hacker, or white hat hacker, uses hacking skills to find security flaws in hardware, software, and networks. Unlike black hat hackers – or the malicious ones – white hat hackers adhere to a set of “moral principles” when doing their thing.

Numerous white hat hackers began their careers as black hat hackers. The terms refer to classic Western flicks in which heroes wore white hats and villains wore black hats.

While this type of cooperation does not appear to be widespread, it does occur.

Total crypto market cap at $1.877 trillion in the daily chart | Source: TradingView.com

Related Reading | How to Protect Your Bitcoins in Business and on the Exchange — White Hat Hackers and Experts on Cybersecurity go to Kiev on HackIT

White Hat Hackers have also aided in the defense of other cryptocurrency firms against potential attacks in the past, sparing the site and its users significant losses.

Penetrating Defenses

Last year, a hacker stole $612 million in assets from Poly Network, but after weeks of negotiations, nearly all of the funds were restored. The hacker said he carried out the attack in order to teach the network a lesson.

While the classification of Poly Network hackers as “white hatters” is debatable, it has been demonstrated that some hackers act with only good intentions.

For instance, in August 2021, Paradigm’s security researcher, @samczun, aided in the resolution of a $350 million SushiSwap DEX issue.

Last week, another hacker aided in determining what happened with Wormhole, a $320 million bridge attack that was probably the most significant to date.

Meanwhile, hackers are rewarded for their contributions to maintaining a clean, transparent, and trustworthy crypto environment.

White hats are gaining popularity. As a result, an increasing number of cryptocurrency companies, including Binance, the Ethereum Foundation, EOS, and Kraken offer rewards for spotting security weaknesses.

Related Reading | Meet Hacken, The First Decentralized Marketplace for White Hat Hackers

Featured image from Kaspersky, chart from TradingView.com
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Christian Encila

Christian Encila

Related Posts

Crypto

China’s Crypto Innovator Cautions Hong Kong On Digital Assets

1 week ago
Terra Classic

Terra Classic Sets Upgrade Date, Fuels LUNC Price Surge Anticipation

2 weeks ago
Binance

Breaking: Binance Will Proactively Withdraw From The Canadian Crypto Marketplace

4 weeks ago
With more than 25000 holders already, RenQ Finance (RENQ) gears up to compete with the likes of Shiba Inu (SHIB) and Cardano (ADA)

With more than 25000 holders already, RenQ Finance (RENQ) gears up to compete with the likes of Shiba Inu (SHIB) and Cardano (ADA)

1 month ago
TruthGPT Coin

TruthGPT Coin: Regulators Take Aim At Shady Crypto Disguising As ‘Elon Musk AI’

1 month ago
Binance Coin Price Prediction, will we see BNB reach $700 in 2023? Experts back this rival DeFi token to give 20x more gains

Binance Coin Price Prediction, will we see BNB reach $700 in 2023? Experts back this rival DeFi token to give 20x more gains

1 month ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Now Trending

  • Whale Power Unleashed: Mooky Emerges as the Rival Meme Coin...

    6 days ago
  • Exploring the Meteoric Rise of Mooky: Could It Be the Next...

    6 days ago
  • Discover the Next Big Thing: Mooky.io Presale Boasting Fair...

    6 days ago

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit
1xBit
1xBit
K8
K8

Press Releases

  • DigiToad (TOADS) Stands tall against Dogecoin (DOGE) with...

    5 hours ago
  • Bitcoin (BTC) or the New Favorite, InQubeta (QUBE) ?...

    6 hours ago
  • Bitfinex and GoCrypto announce the listing of the GoC token

    8 hours ago
  • Discover the 3 promising Altcoins Whales are accumulating...

    9 hours ago
  • Tornado Cash Developer Set Free, InQubeta (QUBE) Presale...

    10 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance

© 2023 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.