According to reports, a crucial bug has been discovered on the Ethereum network that could have led to unimaginable losses.
The grey hat hacker named as, Saurik discovered a new bug on the Ethereum network and quickly informed the team at Ethereum about it. Network analysts say that if the bug wasn’t discovered, exploitive hackers could have taken advantage of it and would have potentially stolen billions in worth of Ethereum digital assets, resulting in unthinkable levels of loss in value.
Saurik’s Report
According to Saurik, the bug was discovered in the Ethereum Layer 2 rollup solution, formally called as, Optimism. Saurik posted an officially report, describing in detail how he managed to find this bug in the Ethereum network. The report mentioned that diving deep into nano payment protocols on Optimism, a bug was present that could have potentially led dangerous hackers and exploiters to extract nearly an unlimited number of Ethereum from the network.
However, it was mentioned that even if exploiters would have the ability to extract any number of Ethereum, they could only extract Ethereum that was present inside of Optimism’s own address, because of the bug localized on the protocol itself.
Familiar Bug Type
Taking a closer look into the bug, it seems very familiar in accordance with the hacking event that happened on the Solana blockchain, that resulted in hundreds of millions of dollars in loss on Wormhole. In comparison to Wormhole, Optimism works with what is known as “Wrapped Ethereum”.
This method involves traders submitting their Ether on smart contracts, which acts as collateral, making them the only Ether that is present for Optimism to work with. Additionally, nano payment protocols are then utilized in order to increase the speed of transactions.
Saurik’s Honesty
Taking about Saurik, credit should be him, as he formally deserves it. Instead of taking selfish advantage of the situation, Saurik reported the bug to developers at Optimism and Ethereum and received a huge $2Million in reward for showing honesty and trustworthiness, helping the
Optimism layer 2 solution to be a much better and secure choice for traders around the world. Saurik is a well-known hacker who is also famous for figuring out ways to jailbreak Apple’s IOS.
