It would be better to rely on long-term solutions rather than temporary fixes in the long run.
, revealed that its community of backers was working toward reaching a consensus, one that would allow the hacker to be awarded $47 million as a reward for exposing the exploit.
On a somewhat similar note, Brian Pasfield, chief technical officer for decentralized money market Fringe Finance, told Cointelegraph that while the idea of giving hackers a fraction of the money they cart away for discovering loopholes can be seen as unhealthy and almost unsustainable, the fact of the matter remains that ultimately the hacked projects have no choice but to utilize this approach.
He further told Cointelegraph that out in non-blockchain industries, even if a hacker finds a vulnerability in a given code, it is difficult for them to go public with that information because it could cause severe legal issues. “In traditional hacking, it is very rare that a hacker returns the funds they have taken, as doing so would likely reveal their identity,” Lee said.
Carvalho noted that just because a hacker is nice enough to return part of the funds doesn’t make it a good practice since these episodes still result in people and DeFi platforms losing a lot of money. Lee believes that these fat paychecks can serve as a significant impetus for white hats to carry out more such ploys. However, he pointed out that instead of seeing 100% of a protocol’s funds being hacked or disappearing for good, it’s always better for the protocol’s users that a portion of the appropriated funds are recovered.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Microsoft blames Russian military-linked hackers for ransomware attacks in Poland and Ukraine | CNN PoliticsHackers linked to Russia's military were very likely behind ransomware attacks last month on Ukrainian and Polish transportation and logistics organizations, Microsoft said Thursday.
Read more »
Hackers release Thales data on dark web, franceinfo saysData relating to French defence and technology group Thales have been published on the dark web by hacker group LockBit 3.0, franceinfo news website reported on Friday.
Read more »
Russian hackers carried out cyberattack on Medibank: AustraliaRussian hackers have carried out a cyberattack on a major Australian healthcare company that breached the data of 9.7M people, Australian police say
Read more »
Analysis | Russian Sandworm hackers deployed malware in Ukraine and PolandAnalysis: The attacks suggest Russia might be going after businesses it believes are aiding Ukraine in the war, Microsoft researchers said at yesterday’s CyberWarCon conference.
Read more »
After Attacking Medical Center, Hackers Leak Patients' Abortion Details on the Dark WebIn a disgusting move, cybercriminals published the personal medical details of individual patients to the internet this week.
Read more »
Australia sets up taskforce to track 'Russia-based' hackersCanberra will 'hunt down the scumbags who are responsible for these malicious crimes,' says Home Minister Clare O'Neil, referring to attack on Medibank insurer, that breached data of 9.7 million people, including PM Albanese.
Read more »