White Hat Hacker Protects Coinbase From A Potential ‘Market-Nuking’ Exploit.
A white hat hacker dubbed as “Tree of Alpha” just avoided a major disaster affecting Coinbase’s Advanced Trading platform.
After uncovering a weak spot on the trading platform that would have allowed third-party attackers to push all Coinbase order books to arbitrary prices, the white hat hacker known as “Tree of Alpha” called out Coinbase and its CEO, Brian Armstrong.
Coinbase confirmed a few hours after the tweet that trading on its Advanced Trading platform had been suspended due to technical issues. After addressing the issue, Tree of Alpha commended the Coinbase staff for their prompt reaction, while Armstrong publicly acknowledged the hacker for their support.
The issue was discovered in Coinbase’s Advanced Trading Platform, which is now being tested. The specific weakness, according to the white hat hacker, “could allow malicious users to send all Coinbase order books to arbitrary prices,” resulting in a big payoff for unscrupulous actors.
Fortunately, Coinbase was swift to respond to the hackers’ alert, claiming that it had stopped trading on the site within two hours of receiving the public tweet from “Tree of Alpha.”
Two hours later, the exchange re-enabled full retail advance trading service, allowing customers to resume their orders. Tree of Alpha confirmed the fixed vulnerability with a screenshot.
Coinbase CEO Brian Armstrong expressed gratitude to Tree of Alpha for assisting the Coinbase staff, noting that he “loves how the crypto community helps each other out!”
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