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How a white hat hacker protected Tron from a $500 million exploit

A white hat hacker has protected the TRON blockchain from a potential vulnerability that could affect $500 million in Multi-Sig.

In the Web3 world, bad actors are constantly seeking to exploit vulnerabilities and steal funds. But the white hat hackers stepped in like heroes by effectively identifying vulnerabilities and reporting them to the respective teams, effectively thwarting any potential exploits.

The white hat hacker gets a reward from Tron

according to dWallet LabsCybersecurity team TRON multi-sig had a critical vulnerability that put $500 million at risk.

After discovering the vulnerability, the team reported it to TRON on February 19th. Finally, TRON managed to fix the vulnerability and offered a bounty to the white hat hacker.

How does Multi-Sig work?

In layman’s terms, a multi-signature account requires approval in the form of blockchain signatures from multiple wallets. In general, there are two components: weight and threshold.

Weight is the strength of a particular portfolio. The minimum is the minimum weight required to post the transaction.

If the minimum is three, then three different wallets with one weight can authorize the transaction. Or a wallet with one weight and another with two weights can allow both transactions.

What is the problem?

The vulnerability allowed a “double vote” from any site, regardless of its weight. Due to the double vote, malicious signers can achieve the bottom line and bypass the security of Tron’s multiple signals.

dWallet Labs explains:

“An attacker can make transactions in every multisig wallet he has permission for (of any weight), regardless of the threshold.”

Cryptocurrency and decentralized finance (DeFi) have become frequent targets for hacking. But such actions from cybersecurity experts help make crypto infrastructure more secure.

In fact, white hat hackers saved more than $20 billion in 2022 by proactively reporting vulnerabilities in crypto projects.

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Disclaimer

Adhering to the Trust Project’s guidelines, BeInCrypto is committed to providing unbiased and transparent reporting. This news article aims to provide accurate and timely information. However, readers are advised to independently check the facts and consult with a professional before making any decisions based on this content.

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