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Monday, August 8, 2022

Ethereum: The Highest Paid Bounty of $2M awarded to iOS Jailbreak Software Developer

There has been news of a very “dangerous bug” in the Geth fork project of Ethereum scaling startup Optimism. This critical bug could have allowed the pernicious hackers to develop an infinite ETH. The identification of this bug was conducted by the developers of Ethereum Layer 2 and was afterward patched. If this bug had persisted, it would have enabled numerous hackers to develop ETH in the required amount in the optimism account balance.

The bug was identified by the white hat hacker, Jay Freeman, the iOS jailbreak software developer. In his social media post, he admitted that he made the discovery. The bug was fully patched in the layer two scaling solution part of Ethereum, and hackers could easily print random quantities of tokens. The replication of token amounts would be possible with the help of the ‘OVM 2.0’ fork of go-Ethereum, which would help them duplicate money on any chain. Thus, for this tremendous effort, Freeman was awarded the highest ever bounty amount of $2,000,042.

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As per the views of the Optimism team, the bug was responsible for the development of ETH on Optimism by continuously triggering the opcode of SELF-DESTRUCT. This opcode was triggered on a contract that contained an ETH balance. The chain history portrayed no bug’s exploitation, and it was accidentally activated by staff. The quick fix was implemented shortly by various exposed Optimism bridges and forks.

Ethereum News: $10M Reward Launched By Maker DAO

Optimism aims to reduce slippage, improve transaction speed, and decrease the cost of the transaction. Though this bug was rectified, Maker DAO offered a $10M bounty to anyone who could identify threats to the security of the smart contracts.

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