03 Apr 2025

light mode

CertiK Comes Forward as the Hacker Seeking Bounty from Kraken

CertiK Comes Forward as the Hacker Seeking Bounty from Kraken

According to the company’s report, on June 5, the team identified several critical vulnerabilities in Kraken’s security system, which could have led to significant financial losses.

According to the company's report, on June 5, the team identified several critical vulnerabilities in Kraken's security system, which could have led to significant financial losses.

In their analysis, CertiK addressed three main concerns:

1. Can a malicious actor fabricate a deposit transaction to a Kraken account?
2. Can a malicious actor withdraw fabricated funds?
3. What risk controls and asset protection might be triggered by a large withdrawal request?

The researchers concluded that the exchange’s security measures failed on all three counts, allowing for the possibility of depositing millions of dollars into any Kraken account. The system permitted the withdrawal of large sums of fabricated crypto, which could then be converted into valid coins.

During the testing period from June 5 to June 9, the activities conducted by the researchers did not trigger any response from Kraken's security system, and the test accounts were only blocked after CertiK reported the vulnerabilities to the exchange team.

After remedying the vulnerabilities deemed critical by Kraken, a dispute arose between the exchange and the security firm regarding the bounty reward. CertiK expressed dissatisfaction with the reward amount and the terms offered.

Despite the dispute, CertiK transferred the funds acquired during testing to an address accessible to Kraken's team.

Kraken user accounts remain secure.

The content on The Coinomist is for informational purposes only and should not be interpreted as financial advice. While we strive to provide accurate and up-to-date information, we do not guarantee the accuracy, completeness, or reliability of any content. Neither we accept liability for any errors or omissions in the information provided or for any financial losses incurred as a result of relying on this information. Actions based on this content are at your own risk. Always do your own research and consult a professional. See our Terms, Privacy Policy, and Disclaimers for more details.

Articles by this author
DTCC Launches Tokenized Collateral Platform for Institutional Markets 

DTCC Launches Tokenized Collateral Platform for Institutional Markets 

DTCC, a leading global financial infrastructure provider, has introduced a tokenized collateral platform to streamline collateral movement and increase capital efficiency.

Anahit Avetisyan
U.S. Tariffs Rattle Bitcoin — Sharp Swings, Sinking Markets, and What Comes Next

U.S. Tariffs Rattle Bitcoin — Sharp Swings, Sinking Markets, and What Comes Next

With the announcement of sweeping tariffs, markets convulsed. Bitcoin soared to $88K—then plunged. Echoes of S&P 500 losses ripple across the crypto space.

Anton Kryshtal
South Korea’s 7-Eleven to Accept CBDC Payments in a Pilot Program

South Korea’s 7-Eleven to Accept CBDC Payments in a Pilot Program

South Korea’s 7-Eleven stores will accept CBDC payments between April 1 and June 30 as part of a pilot program to test the Bank of Korea-issued digital currency.

Anahit Avetisyan
GameStop Raises $1.5B, Eyes Bitcoin Investment

GameStop Raises $1.5B, Eyes Bitcoin Investment

GameStop has completed a $1.5 billion convertible notes offering, which may allow the company to add Bitcoin to its reserves under its updated investment policy.

Dmytro Psevdonimenko
Hot on X (Twitter) Today: Binance Boycott, McCormack vs. Wright Case, & More

Hot on X (Twitter) Today: Binance Boycott, McCormack vs. Wright Case, & More

A “Boycott Binance” movement is trending on X/Twitter after multiple altcoins plunged on the exchange within minutes on April 1.

Anahit Avetisyan
Top Crypto Tweets of The Day: KOLs on TDCCP Token, zkLend Hacker, & More

Top Crypto Tweets of The Day: KOLs on TDCCP Token, zkLend Hacker, & More

The TDCCP token gets attention with record-breaking moves, while the zkLend hacker falls victim to a phishing scam. Meanwhile, BlackRock’s Larry Fink shares his insights with investors.

Anahit Avetisyan
Top Crypto Tweets of the Day:  KOLs on the Crypto Cycle, DeFi State, & More

Top Crypto Tweets of the Day:  KOLs on the Crypto Cycle, DeFi State, & More

As crypto prices decline, the community continues to analyze the current crypto market cycle. One of the most popular platforms to share views and discuss these trends is Twitter/X.

Anahit Avetisyan
What Are Assets? Differences Between Coins and Tokens

What Are Assets? Differences Between Coins and Tokens

Discover the meaning of assets in finance and crypto, and learn the key differences between coins and tokens to make informed investment decisions.

The Coinomist
What Is a Margin Call? An Essential Guide

What Is a Margin Call? An Essential Guide

A comprehensive guide to understanding margin calls in trading. Learn what triggers them, how they work, their risks, and strategies to manage or avoid them

The Coinomist
What Happens When Bitcoin Runs Out? Predictions and Strategies

What Happens When Bitcoin Runs Out? Predictions and Strategies

Explore what happens when Bitcoin reaches its 21 million supply cap. Learn how the shift from block rewards to transaction fees could impact miners, investors, and the entire ecosystem.

The Coinomist
What Does HODL Mean? Lessons for New Traders

What Does HODL Mean? Lessons for New Traders

Learn the meaning behind HODL and its significance in crypto trading. Understand its origins, the psychology behind holding on, and how HODLing can shape your long-term investment strategy.

The Coinomist
How to Scale a Crypto Exchange and Attract More Users Globally

How to Scale a Crypto Exchange and Attract More Users Globally

Imagine you’ve built your own crypto exchange, and now it’s time to scale. You’ll need high-speed infrastructure, deep liquidity, and compliance.

Vlad Vovk
The Top Cryptocurrency Scams to Watch Out for in 2025

The Top Cryptocurrency Scams to Watch Out for in 2025

AI, fake exchanges, celebrity deepfakes, and old tricks repackaged in new forms. Here’s a look at the cryptocurrency scams gaining traction in 2025 and how to avoid losing everything to fraudsters.

Vlad Vovk
Arthur Hayes Challenges Fed Independence in His New Essay “The BBC”

Arthur Hayes Challenges Fed Independence in His New Essay “The BBC”

In his latest essay “The BBC,” Arthur Hayes examines the emotional pressures on the Federal Reserve and the monetary policy challenges that could lead to increased liquidity in the crypto market.

Dmytro Psevdonimenko
Trump’s “US Crypto Reserve” Plan: A Game Changer or Just Talk?

Trump’s “US Crypto Reserve” Plan: A Game Changer or Just Talk?

It takes just one post from Trump to stir the crypto market. Recently, he announced on Truth Social that the evaluation of a strategic crypto reserve is in progress as part of his broader Trump crypto policy.

Anahit Avetisyan
MORE
Dubai Lets You Rent Homes and Cars With Bitcoin. Here’s What to Know

Dubai Lets You Rent Homes and Cars With Bitcoin. Here’s What to Know

Now, you can rent in Dubai with crypto, signing rental agreements using BTC, altcoins, or USDT for both short-term vacations and long-term stays as an expat.

Yara Zornell
Why Lisbon is Now Emerging as The Newest World’s Crypto Capital

Why Lisbon is Now Emerging as The Newest World’s Crypto Capital

Imagine a city of hills, narrow cobblestone streets, and fado music drifting from cozy bars. This is Lisbon, the capital of Portugal, now rapidly transforming into a modern crypto city.

Iaroslava Kramarenko
MORE