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Coinbase is safe because a White Hat Hacker can tell when there is a risk

A White Hat hacker came to Coinbase’s rescue right away and saved the company’s complex trading platform from going down.

“Tree of Alpha,” a White Hat Hacker, told Coinbase CEO Brian Armstrong that third-party hackers could theoretically move Coinbase order books at any rate, which could make them rich.

Coinbase said in a statement right after the tweet that it had to stop trading on its Advanced Trading platform for a short time because of technical problems.

After the problem was solved, Tree of Alpha thanked the Coinbase team for their quick response. Armstrong thanked the hacker for his quick help.

As a result of having White Hat Knowledge, major disasters don’t happen

In less than two hours, Coinbase announced that it had stopped trading on the site because of a public tweet from TOA.

It took two hours for the exchange to get back to normal service for advance retail, including the ability for users to order again. To prove the fix worked, TOA provided a screenshot of an exploit.

Armstrong thanked Tree for helping the Coinbase team. He said he “loves how the crypto community helps each other!”

The White Hats Are Here!

If you want to be an ethical hacker, you use hacking skills to find security holes in hardware, software, and networks. This is also known as a “white hat hacker.” White hat hackers, on the other hand, follow a set of “moral principles” when they do their job.

It’s not uncommon for white hat hackers to start out as black hat hackers. The words come from old Western movies where the heroes wore white hats and the bad guys wore black hats.

There are times when people work together, even though it doesn’t seem to be very common,

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White Hat Hackers have also helped protect other cryptocurrency businesses from possible attacks in the past, which saved the site and its users a lot of money.

Penetrating the defences:

Last year, a hacker stole $612 million worth of assets from Poly Network. After weeks of talks, most of the money was returned to the company. This is what the hacker said: He did it to teach the network a lesson, he told us.

Whether or not Poly Network hackers should be called “white hatters” is up for debate. It has been shown that some hackers act with good intentions.

There was a $350 million SushiSwap DEX issue that Paradigm’s security researcher, @samczun, helped solve in August 2021.

Last week, another hacker helped figure out what happened with Wormhole, a $320 million bridge attack that was one of the most important to date.

Meanwhile, hackers get paid for their efforts to keep the crypto world clean, transparent, and trustworthy.

White hats are becoming more popular. As a result, more and more cryptocurrency companies, like Binance, the Ethereum Foundation, EOS, and Kraken, are giving money to people who find security flaws.

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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