Web3 Researcher Earns $150K For Discovering Critical Bug In Evmos Blockchain

A Web3 researcher was awarded $150,000 for discovering a critical bug in the Evmos blockchain, emphasizing the importance of thorough documentation review in blockchain security.

A Web3 security researcher has been awarded $150,000 by the Cosmos Network for identifying a critical bug that posed a significant risk to the Evmos blockchain and its decentralized applications (DApps). This discovery highlights the importance of thorough documentation review in blockchain security.

Key Takeaways

  • A researcher identified a critical bug in the Evmos blockchain, earning a $150,000 bounty.
  • The bug could have halted the blockchain and all DApps built on it.
  • The discovery was made during the Evmos Bug Bounty Program on Immunefi.

The Discovery Process

On October 29, the researcher, known by the pseudonym jayjonah.eth and affiliated with Spearbit, shared his findings in a blog post. He explained that his investigation began with a review of the Cosmos documentation, where he encountered the concept of "module accounts."

In the documentation, it was noted that:

"Typically, these addresses are module accounts. If these addresses receive funds outside the expected rules of the state machine, invariants are likely to be broken and could result in a halted network."

This statement raised a red flag for jayjonah.eth, prompting him to test the theory by sending funds to the module accounts. His tests confirmed that doing so would indeed halt the blockchain, effectively breaking the Evmos network and all associated DApps.

The Bug Bounty Program

The Evmos Bug Bounty Program, active since November 2022, incentivizes developers and researchers to identify vulnerabilities within the blockchain. This program is part of a broader trend in the crypto industry, where projects are increasingly launching bug bounties to enhance security.

The payout of $150,000 represents the highest reward for a critical bug under this program. The researcher emphasized that the bug was a "low-hanging fruit," indicating that it was simple yet easily overlooked by others.

Importance of Documentation

In his reflections, jayjonah.eth stressed the significance of thoroughly reading project documentation. He stated:

"This bug taught me a few important things as a security researcher. The first, and most obvious, is to always thoroughly read the documentation of the project you’re investigating."

This incident serves as a reminder that even minor oversights in documentation can lead to significant vulnerabilities in blockchain systems.

Broader Implications

The discovery of this bug not only averted potential disaster for the Evmos blockchain but also underscores the critical role of security researchers in the crypto space. Other projects, such as Layer3 and the Ethereum Foundation, have also initiated bug bounty programs to bolster their security measures.

As the crypto landscape continues to evolve, the collaboration between developers and security researchers will be essential in mitigating risks and ensuring the integrity of blockchain networks.

In conclusion, the $150,000 bounty awarded to jayjonah.eth highlights the importance of vigilance in blockchain security and the value of comprehensive documentation review in identifying potential vulnerabilities.

Sources

[ newsletter ]
Stay ahead of Web3 threats—subscribe to our newsletter for the latest in blockchain security insights and updates.

Thank you! Your submission has been received!

Oops! Something went wrong. Please try again.

[ More Posts ]

Crypto-Stealing Scam Targets Web3 Workers With Fake Meeting Apps
9.12.2024
[ Featured ]

Crypto-Stealing Scam Targets Web3 Workers With Fake Meeting Apps

A new crypto-stealing scam targets Web3 workers through fake meeting apps, utilizing AI to create convincing websites and social media profiles.
Read article
Hawk Tuah Girl Haliey Welch Accused Of Crypto Scam
9.12.2024
[ Featured ]

Hawk Tuah Girl Haliey Welch Accused Of Crypto Scam

Haliey Welch, the 'Hawk Tuah Girl,' faces accusations of a crypto scam after her coin $HAWK crashes from $500 million to $60 million. Explore the controversy surrounding this viral influencer and her cryptocurrency.
Read article
Security Alert: Solana Web3.js Supply Chain Attack Discovered
9.12.2024
[ Featured ]

Security Alert: Solana Web3.js Supply Chain Attack Discovered

A security alert has been issued regarding a supply chain attack on Solana's Web3.js library, raising concerns about the safety of decentralized applications.
Read article