Bullet Exchange
July 2025
Sigma Prime reviewed Bullet Exchange with focus on trading flows, liquidation safety, risk controls, PnL-sensitive accounting, and behavior under stressed execution paths. The case study is relevant for exchange and derivatives teams where accounting errors can become direct value loss.
Executive summary
Sigma Prime reviewed Bullet Exchange with emphasis on liquidation controls, PnL-sensitive accounting paths, and operational resilience under stress. The findings included multiple high/critical issues and supporting medium/low items affecting safety and correctness. The report provides targeted remediations to harden risk controls and reduce exploitability in core exchange flows.
By the numbers
Total findings
33
High + critical findings
14
What we reviewed
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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 calculations, and safety constraints.
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Resilience under stress
DoS-prone and edge-case behaviors in critical execution and accounting paths.
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