BTC PULSE
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
Play Now
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home Altcoins

Bug in Solana Patched, $30 Million of User Fund Secured

by Chiwuike Owunwa
Dec 20, 2022 - 12:00 am
in Altcoins
Bug in Solana Patched

On the 19th of December 2022, KKlas, a Twitter user and web3 developer, announced that he found a bug on Solana that could put user funds at risk, and the projects ignored his message.

Recently I discovered a critical loss of funds vulnerability on a Solana SC that would have affected multiple apps with ~$30M being at risk. If it was exploited it would have been the third largest SC exploit on Solana.

Yet none of the affected apps want to give me a bounty…

— kklas (@kklas_) December 19, 2022

Aside from corrupt centralized establishments, hacks and exploits continue to be another problem of the crypto space, which shows the importance of finding bugs in smart contracts and vulnerabilities in the codes to prevent losses and FUD. However, after all the hard work of Kkla, he was not rewarded.

In a tweet, he claimed that he found a vulnerability in a Solana smart contract that would have affected several projects and potentially led to the loss of $30 million in funds. According to the dev, he reported and helped resolve this, and when it was time to ask for a reward, the projects just ignored him.

This sends the wrong message. The message is that projects prefer getting hacked than having critical bugs reported to them. This brings the Mango exploit to mind.

The hacker informed the project about a vulnerability, and they didn’t handle it favorably, so he cracked the system, then sent them a proposal for Mango Markets to pay him a $70 million bounty.

The proposal also involved sending back about $50 million on the condition that Mango Markets used the $70 million USDC in its treasury to clear the bad debt and also pay back all its users.

He made sure they wouldn’t freeze his account so he could use the stolen Mango tokens to vote yes on his proposal.

He was supported by another member of the community, ReddSpark, who had this to say:

Yep, the incentives to hack it yourself is way higher than the incentive to report. Also..perhaps these devs secretly wanted to exploit it themselves. Don't rule that out. I'm sure the people that a most likely to spot exploits are the code writers.

— ReddSpark (@Redd_Spark) December 20, 2022

In his opinion, there are two possibilities. Either the developers aimed to exploit this from the beginning since they are in the best place to spot these vulnerabilities. That would explain their negative reaction to Kklas’s discovery, or developers should just hack the project themselves and then negotiate from a place of leverage.

This would be more profitable than getting ignored afterward.

This has led to a new potential trend. Some users predict that the next cycle in the crypto space will be what they term a “break-and-fix cycle.” According to these users, traders could potentially pay black hat hackers to exploit critical vulnerabilities in projects while shorting projects, making a profit, and having leverage against these projects.

Tags: Solana
Chiwuike Owunwa

Chiwuike Owunwa

Chiwuike is a frontend programmer and writer with 3 years experience in the Web3. He's meticulous researcher, enthusiastic about Blockchain and the future of crypto, DeFi, and the Metaverse.

Related Posts

Bloomberg analysts predict 95% approval odds for Solana, Litecoin, and XRP ETFs in 2025

SOL, LTC, XRP ETF Approvals Now Have 95% Chance in 2025, Say Analysts

June 21, 2025

Analysts give SOL, LTC, and XRP ETFs a 95% approval chance in 2025, citing SEC engagement and positive...

creenshot of fake CoinBridge crypto exchange linked to $860K scam

JD.com Joins Stablecoin Race Amid US Approval of GENIUS Act

June 18, 2025

JD.com enters stablecoin market to slash global payment costs by 90%, as US Senate passes the GENIUS Act...

24H HOLD token price chart showing 35% surge despite market pullback

Solana Dips Below $150, But Altcoins HOLD, AB, and 0x0 Surge Ahead

June 15, 2025

Solana loses key support at $150, but HOLD, AB, and 0x0 soar with strong volume, social momentum, and...

Donald Trump at a crypto conference amid growing earnings and ethics concerns

Trump Reports $57M Crypto Windfall as Ethics Concerns Mount

June 14, 2025

Trump reports $57.4M in crypto income via World Liberty Financial. Ethics concerns rise over his influence and growing...

Press Releases

png 115

BTC Miner: Earn $100-$100,000 Daily – The Fastest Growing Crypto Mining Platform of 2025!

June 25, 2025

BTC Miner, the fastest growing platform in 2025, opens a new era of inclusive cryptocurrency mining, allowing everyone to participate...

image2

Could XYZVerse Overtake DOGE and SHIB? Analysts Say $0.003333 Could Explode to $10!

March 30, 2025

XYZVerse aims to outpace DOGE and SHIB, with bold $10 price goals, strong community rewards, and rising demand as it...

image1 1

Massive Institutional BTC Buys Could Launch the Next Bull Market: 5 Altcoins to Watch

March 29, 2025

Institutional Bitcoin buys may trigger a market surge. Five altcoins, including $XYZ, stand to gain—early investors could see major ROI...

image1

XRP Faces Strong Resistance While XYZVerse Gains Early Investor Attention With 10 Billion $XYZ Airdrop

March 28, 2025

XRP struggles at resistance, while XYZVerse grabs early investor attention with a 10B token airdrop and rapid growth toward a...

View All
BTC-Pulse LogoTransparent

© 2024 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

©2024 BTC-PULSE – All right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise