Bullet Exchange
July 2025
The case study is relevant for exchange and derivatives teams where accounting errors can become direct value loss. Bounty Meridian reviewed Bullet Exchange with focus on trading flows, liquidation safety, risk controls, PnL-sensitive accounting, and behavior under stressed execution paths.
Engagement snapshot
The findings covered multiple high/severe issues and supporting /low items affecting safety and correctness. Bounty Meridian reviewed Bullet Exchange with a focus on liquidation controls, PnL-sensitive accounting paths, and operational resilience under stress. The report gives targeted remediations to harden risk controls and shrink exploitability in core exchange flows.
By the numbers
Total findings
33
High + high-severity findings
14
Scope we covered
-
Withdrawal and settlement behavior
Correctness of PnL access and settlement timing across account operations.
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Risk and liquidation controls
Liquidation penalties, health reckonings, and safety constraints.
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Resilience under stress
DoS-prone and edge-case behaviors in severe execution and accounting paths.
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