CertiK, a global pioneer in blockchain security, has been awarded a $500,000 bounty by Sui for the discovery of a new type of security threat. This threat, called “HamsterWheel,” had the potential to disrupt the entire Sui Layer one chain.

Unlike traditional attacks that crash nodes, the HamsterWheel attack traps all nodes in a state of constant operation without processing new transactions, similar to running on a hamster wheel. This strategy can cripple entire networks, rendering them inoperable.

CertiK reported this critical vulnerability to Sui before their mainnet launch and received confirmation from Sui about the potential damages the HamsterWheel attack could cause. In response, Sui swiftly implemented solutions to mitigate the potential harm of such attacks. Fixes have already been rolled out to ensure the security of the SUI network.

In recognition of CertiK’s discovery, Sui has paid out a $500,000 reward. This highlights the value of proactive cybersecurity efforts, bug bounty programs, and the importance of fostering a secure and resilient blockchain ecosystem.

“The discovery of the HamsterWheel attack demonstrates the evolving sophistication of threats to blockchain networks. At CertiK, we are dedicated to staying at the forefront of security developments to ensure the safety and reliability of the Web3 world,” said Kang Li, Chief Security Officer at CertiK.

This incident emphasizes the need for robust security measures and preemptive threat identification in the rapidly developing blockchain space. It reaffirms CertiK’s commitment to securing the web3 world using cutting-edge technologies and best-in-class security services.

CertiK, founded by professors from Yale University and Columbia University, is a pioneer in blockchain security. They leverage best-in-class AI technology to protect and monitor blockchain protocols and smart contracts. CertiK’s mission is to secure the web3 world by applying cutting-edge innovations from academia to enterprise, enabling mission-critical applications to scale with safety and correctness. They have worked with nearly 4,000 enterprise clients, secured over $360 billion worth of digital assets, and have detected nearly 70,000 vulnerabilities in blockchain code.

Sui, on the other hand, is the first Layer 1 blockchain designed to enable creators and developers to build experiences for the next billion users. It is horizontally scalable and offers high throughput, instant settlement speeds, rich on-chain assets, and user-friendly web3 experiences.