CertiK, a trailblazer in the field of blockchain security, utilizes state-of-the-art artificial intelligence (AI) technology to safeguard and supervise blockchain protocols as well as smart contracts. Established in 2018 by esteemed professors hailing from Yale University and Columbia University, CertiK is dedicated to fortifying the realm of web3 with its unwavering commitment to security.
Sui is a new type of blockchain that changes how people own assets. It introduces a technology called Sui Move, which is a significant shift in Web3 development. By considering objects as important elements, Sui allows for better combinations and interactions between different parts. This opens up exciting possibilities for creating new forms of media. We are very excited to be working on projects using Sui as a foundation.
CertiK found a bug, The bug was discovered before the Sui mainnet (the official launch of the network) went live. As a result of this discovery, the foundation behind Sui rewarded the person or group who found the bug with a $500,000 prize after flagging a threat that had the potential to disrupt Sui’s entire layer-1 blockchain.
CertiK’s team made an announcement to Cointelegraph, emphasizing that the vulnerability named “HamsterWheel” was distinct from typical attacks that aim to disrupt blockchains by causing nodes to crash.
This attack, called “HamsterWheel,” works by trapping nodes in a loop where they keep performing operations without handling new transactions. It’s like hamsters running on a wheel, going in circles without making any progress. This attack can severely damage networks and render them unable to function properly.
The security company found a weakness in Sui’s system and informed them about it before they officially launched their mainnet. In response, Sui made the necessary changes to their network to protect it from potential harm caused by an attack.
In recognition of CertiK’s contributions, Sui granted a substantial bounty of $500,000 to the security firm. CertiK emphasizes that this reward underscores the significance of bug bounty programmes and taking proactive measures to enhance security.
