Coinbase Pays $250,000 Bounty to Ethical Hacker Who Prevented the Destruction of the Entire Crypto Market by Reporting a Critical Flaw – Bitcoin – US Dollar ($BTC), Organically Converted (COIN)

An ethical hacker, who potentially saved the entire cryptocurrency market from disaster by discovering a flaw in Coinbase Global Inc. (NASDAQ:COIN), was rewarded by the latter.

What happened: The hacker, who calls himself “Tree of Alpha” on Twitter, said he was paid $250,000 by Coinbase as his biggest bounty ever.

Flaw in Coinbase’s ‘Advanced Trading’ feature allegedly allowed malicious user to sell Bitcoin (CRYPTO: BTC) or any other coin without owning the underlying asset. Tree of Alpha said on Twitter that Coinbase’s speed of reaction to a Super Bowl on Friday “averted a potential crisis.”

The white hacker detailed on Twitter how the vulnerability could have affected Coinbase in a Twitter thread.

“We’ll never know exactly what might have happened if a black hat hacker tried to exploit it, and it’s better that way,” Tree of Alpha said.

Why is this important: Tree of Alpha said on Twitter that they didn’t need the money and didn’t report the bug for that purpose.

The hacker said, according to a CoinTelegraph reportthat “although a higher bounty might have been wise to deter more gray hats from exploiting vulnerabilities, it is common in the crypto sphere to lose touch with the value of money. For most beings working humans, $250,000 is a very decent sum.

Prior to the Super Bowl, Tree of Alpha tried to contact Coinbase and said they were submitting a hacker1 report and he couldn’t wait because it was “about a potential nuclear attack.”

Through the efforts of social media users and the cryptocurrency community, the white hacker came into contact with Coinbase.

CEO Brian Armstrong thanked Tree of Alpha for working with the Coinbase team and appreciated the community’s support.

Price action: On Friday, Coinbase shares closed down 1.4% at $189.16 in the regular session. At press time, Bitcoin was trading down 5.1% at $37,260.52.

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