By Nathan Ferguson
The hacker called Tree of Alpha, informed Coinbase as well as Brian Armstrong (the CEO thereof), after countering a vulnerability due to which the third-party invaders would be permitted to send the entirety of the order books of the platform to desired prices. Some hours after the Twitter post shared by the hacker, it was declared by the venue that the trading over the Advanced Trading Platform thereof had been terminated due to some technical issues.
After the elimination of the problem, the hacker appreciated the team of Coinbase for taking rapid action, whereas Armstrong openly thanked the respective hacker over the assistance provided by them. The weakness was related to the currently being tested Advanced Trading Platform of Coinbase. As per the hacker, the discovered bug could permit the wicked consumers to send the whole of the order books of Coinbase to their desired prices. As a result, a massive profit could be directed toward the bad actors.
A rapid reaction to the caution of Tree of Alpha
Fortunately, the venue turned out to be considerably quicker to the wake-up call for preventing itself from being exploited on the behalf of the hackers, as it declared to have had terminated the trading over the venue within just two hours of getting the public Twitter post sent by Tree of Alpha. After the respective time, Coibase re-launched the service for the provision of retail advance trading, to the customers thereof by enabling them to restart their orders.
It was confirmed by Tree of Alpha, by posting the screenshot of the fixed issue that the venue was out of danger. Brian Armstrong, the CEO of Coinbase, bade thanks to the hacker for assisting the group of Coinbase. He mentioned that he was pleased to witness that the crypto community helps each other to such a great extent. Nonetheless, such collaborations are not found in abundance across the community.
The white-hat rescuers to help
Just like Tree of Alpha, many other white-hat hackers additionally provided their services to prevent crypto-based institutions such as Coinbase from experiencing likely threats, shielding the companies as well as the customers thereof from huge losses. In the previous year, a hacker swindled nearly $612M in assets from a similar firm named Poly Network, however, consequently refunded approximately entire of the amount following a dialogue that continued for weeks. The hacker asserted that the intention behind doing that was to teach a lesson to the platform.