For Discovering The Critical Optimism Issue, An Ios Jailbreak Developer Receives A $2 Million Reward

• While this is one of the greatest bounty payments to date, MakerDAO has just announced that it will pay a maximum of $10 million to anyone who can identify serious security flaws in its smart contracts

• White hat hacker and iOS jailbreak software engineer Jay Freeman originally found the issue, which could have allowed hackers to manufacture as much ‘ETH’ as they wanted in an Optimism account balance

• Freeman highlighted the flaw in a detailed blog post, saying that it would allow an attacker to reproduce money on any chain utilizing their ‘OVM 2.0’ fork of go-ethereum. For his work, Freeman received one of the greatest bug bounties ever, with a total payment of $2,000,042

Earlier this month, developers from the Ethereum Layer 2 scaling project Optimism stated that a major problem had been discovered and fixed.

One Of The Greatest Bug Bounties Ever, With A Total Payment Of $2,000,042

White hat hacker and iOS jailbreak software engineer Jay Freeman originally found the issue, which could have allowed hackers to manufacture as much ‘ETH’ as they wanted in an Optimism account balance.

Freeman highlighted the flaw in a detailed blog post, saying that it would allow an attacker to reproduce money on any chain utilizing their ‘OVM 2.0’ fork of go-ethereum. For his work, Freeman received one of the greatest bug bounties ever, with a total payment of $2,000,042.

The flaw allowed it to produce ETH on Optimism by repeatedly executing the SELF DESTRUCT opcode on a contract that held an ETH balance, the Optimism team says.

The Optimism team stated in a blog post that the flaw has not been abused, with the exception of an inadvertent activation by a staffer at Ethereum data startup Etherscan, but that no usable surplus was generated.

Within hours of confirmation, a remedy for the vulnerability was tested and delivered to Optimism’s Kovan and Mainnet networks (including all infrastructure providers), the team said, praising Infura, QuickNode, and Alchemy for their quick responses.

Optimism is an Ethereum network Layer 2 scalability solution that uses optimistic rollups to aggregate transactions outside of the Ethereum blockchain.

ALSO READ: NFTs most popular assets on Ethereum, but Wrapped Bitcoin growth stalls

Layer 2 Protocols Provide Performance Gains

This has the advantages of reducing transaction slippage, lowering transaction costs, and greatly increasing transaction speeds. However, as this problem has demonstrated, while Layer 2 protocols provide performance gains, security during continuous development is still a major worry.

While this is one of the greatest bounty payments to date, MakerDAO has just announced that it will pay a maximum of $10 million to anyone who can identify serious security flaws in its smart contracts. This is the most extensive set of bug bounties ever provided on Immune Fi’s bug bounty programs.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

Latest posts by Nancy J. Allen (see all)