CertiK Receives $500k Reward for Finding Vulnerability in SUI Network

• CertiK, a blockchain security company, was awarded a $500,000 prize by the Sui network for reporting a vulnerability that could have affected the whole layer-1 blockchain.
• The identified attack can render networks completely inoperable, and Sui network has deployed precautionary measures to protect the blockchain from harm.
• European Investment Bank (EIB) has recently been attacked by pro-Russian Killnet hackers, highlighting the need for proactive security measures and bug reward programs.

CertiK Receives $500k Reward

CertiK, a blockchain security company, was awarded a $500,000 prize by the Sui network for reporting a problem that may have affected the whole layer-1 blockchain. The identified attack can render networks completely inoperable. Sui network has deployed precautionary measures to protect the blockchain from harm.

Precautionary Measures

Before Sui’s mainnet launch, the security firm found and reported the flaw to the company. In light of this security risk, Sui decided to reward CertiK with a $500,000 bounty for all of their hard work. This underlines the need for proactive security measures and bug reward programs.

Cyberattack on EIB

A cyberattack was launched on the European Investment Bank (EIB), one of he world’s largest multilateral lenders. Pro-Russian Killnet hackers declared on telegram that they had breached EIB’s network which could be an indication of danger to Western banking systems .

Proactive Security Measures

| CertiK’s chief security officer Kang Li has said that blockchain network risks are always developing and changing . To ensure safety countermeasures are being implemented and rigorously evaluated before reports are made public .

Conclusion

The recent attacks against both SuI Network and EIB indicate there is an urgent need for better prevention methods when it comes to cybersecurity threats in both traditional finance as well as crypto space . Proactive security measures such as bug bounty programs should be encouraged in order to help keep networks secured from malicious actors .