A white hat hacker just saved Coinbase from a possible attack

A white hat hacker nicknamed “Tree of Alpha” recently prevented a Coinbase mining attack involving its Advanced Trading platform.

Hackers found a way Contact with Coinbase and CEO Brian Armstrong after discovering a vulnerability in the exchange platform that may have caused third-party attackers to ship all of Coinbase’s order books at arbitrary prices.

A few hours later, Coinbase notification that they have disabled trading on the Advanced Trading platform for technical reasons. After resolving the issue, Tree of Alpha praised the Coinbase development team for its quick response, while Armstrong publicly thanked the hacker for his help.

The vulnerability resides on Coinbase’s Advanced Trading Platform, which is currently in beta. According to the hacker, the flaw “could allow malicious users to ship all Coinbase order books at arbitrary prices.”

Coinbase is quick to respond

Fortunately, Coinbase was quick to respond to this warning, announcing that it had disabled trading on the platform within two hours of receiving the public tweet from the Tree of Alpha.

Two hours later, the exchange has reactivated all services for traders on the platform and users can resume their orders. Tree of Alpha confirmed this with a screenshot showing that the vulnerability has been patched.

Coinbase CEO Brian Armstrong has to thank Tree of Alpha for supporting Coinbase said he “loves the way the crypto community is helping each other.”

White hat hackers are saving the crypto market

While this doesn’t seem to happen very often, it does happen.

Similar to the “Tree of Alpha,” several other white hat hackers have also helped prevent crypto companies or exchanges like Coinbase from being exposed to potential threats, thus protecting the platform and consumers from major losses.

Last year, a hacker stole $612 million worth of assets from Poly Network, but returned almost all of the money after weeks of dialogue. These hackers claim they are doing it to teach the network a lesson.

While it is still unclear what the white hat hackers are doing in the poly network attack, there are other hackers who have proven they are serious and have good intentions. For example, in August 2021, security researcher Paradigm, known on Twitter by the nickname samcchun, helped fix an issue gap $350 million for SushiSwap DEX.

Last week, the security researcher helped figure out what happened to Wormhole, the $320 million mining project. This is the largest bridge attack to date, one of the most recent problems Solana has faced in recent months.

White hat hackers have played a prominent role in keeping the crypto space clean, open, and trustworthy as of late. Their increasing presence in space has also prompted many crypto companies such as Binance, Kraken, EOS, and the Ethereum Foundation to launch multiple rewards programs for potential vulnerabilities discovered on the platform.

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