Delphi Labs Targets Terra Hackers with Bug Bounty Negotiations

Delphi Labs Targets Terra Hackers with Bug Bounty Negotiations

Delphi Labs, the research and investment firm behind Delphi Digital, has issued a public call to the Terra hackers responsible for the recent exploit. The firm claims to have valuable information that could lead to the identification of the attackers and is offering a bug bounty in exchange for cooperation. "We have a thread pulling together information that may lead to the identification of the Terra attacker," Delphi Labs CEO Jose Maria Macedo tweeted. "If you are reading this, we encourage you to reach out to us to discuss a bug bounty. Refusal to do so will leave us little choice but to release the information publicly and engage law enforcement." The Terra hack, which occurred on May 25, saw the attacker exploit a vulnerability in the Inter-Blockchain Communication (IBC) protocol to mint a massive number of Terra tokens. The attack resulted in the loss of over $500 million worth of LUNA, the native token of the Terra ecosystem. Blockchain security firm Beosin has attributed the attack to a "single black hat hacker," who took advantage of a coding error in the IBC implementation to create a large number of new Terra tokens and then sell them on the open market. Delphi Labs' bug bounty offer is a sign that the firm believes it has credible information on the identity of the Terra hacker. The firm's announcement comes just days after Beosin released a report claiming that it had identified a specific hacker responsible for the attack. It remains to be seen whether Delphi Labs' bug bounty offer will be successful in eliciting a response from the Terra hacker. However, the firm's public announcement is a clear indication that it is taking the attack seriously and is determined to hold the attacker accountable.