Originally published on: October 29, 2024
A seasoned security researcher in the Web3 space recently struck gold by uncovering a critical bug in the Cosmos Network documentation. This bug had the potential to bring the Evmos blockchain and all its Decentralized Applications (DApps) to a screeching halt.
Going by the name “jayjonah.eth,” the skillful Spearbit researcher was awarded a handsome bounty of $150,000 for his exceptional find. This bug, which could have wreaked havoc on the Evmos blockchain, was identified as part of the ongoing Evmos Bug Bounty Program that kicked off in November 2022.
In a detailed blog post shared on Oct. 28, jayjonah.eth revealed how he stumbled upon the concept of “module accounts” buried deep within the Cosmos documentation. The breakthrough came when he decided to test out the theory by sending funds to the module account in a controlled environment.
Thankfully, the Evmos team swiftly took action and patched up the bug before any harm could be done.
With this remarkable discovery, jayjonah.eth received the highest tier payout available for pinpointing such a critical vulnerability. In closing, he urged fellow security researchers to dive deep into project documents, emphasizing that sometimes, the most severe bugs are deceptively simple.
Dive into the World of Bug Bounty Programs and Cybersecurity Advancements
Bug bounty programs are not just about rewarding findings but also play a crucial role in fortifying projects against potential cyberattacks. These initiatives serve as a valuable tool in containing losses in the face of security breaches.
In a similar vein, a hacker recently pilfered nearly $5 million in crypto using a yield protocol. However, through strategic negotiations and a willingness to increase the bounty reward, the protocol, Shezmu, managed to reclaim a significant portion of the stolen funds.
By offering a 20% bounty reward, Shezmu successfully retrieved most of the pilfered assets, showcasing the strategic effectiveness of bug bounty programs in safeguarding digital assets.
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