Bankex to Reward Hackers $15,000 After Launching Its New Custody Bank Storage Service
Bankex to Reward Hackers with $15K After Launching Its Custody Service
Bankex released a press statement on October 11, 2018, stating that it treasured all members of its Bankex Custody service and that it believed that this was one of the most convenient, and secure crypto storage solutions. To prove this, and to assure all its users that their cryptocurrency was safe with them, it announced that it would soon be launching a Custody bug bounty.
The purpose of this bug bounty program is to incentivize the hacker community. The program is meant to help them identify any bugs that may be present in its program, which would in return allow Bankex to address them, and then reward the responsible hackers with a bounty of up to $15,000.
Crypto Heists and the Bug Bounty Program
If you have been following crypto related news in the last few months, it is possible that you have come across news pertaining to heists that have been pulled by daring hackers targeting crypto storage solutions. For some, storing crypto has become a nightmare, as they struggle to ensure that their private keys remain safe and that they are safe from hackers and would-be thieves.
It has undoubtedly reached a point where many crypto enthusiasts have chosen to memorize their private keys in a bid to ensure that no one messes with their digital wallets. However, what happens when you forget your access keys? These are questions that are bound to drive you crazy as a crypto enthusiast.
Bankex and the Proposed Solution
Taking all these factors into consideration, Bankex is looking to address all these issues, as well as ensure that clients get to receive additional security and the client-service as a bonus. Bankex custody has introduced KYC (Know Your Customer) features that will require each client to provide additional details, in the same manner, that they would do when using a traditional bank.
The additional information is meant to help the users regain access to their lost accounts. The good news here is that if you ever damage your personal computer, or lose your passwords and private keys, you will not end up losing your digital funds. As a result, you do not have to memorize the long and at times unconventional keys to regain access.
Bankex is, in addition, looking to implement this account convenience, while guaranteeing their users unparalleled security. For instance, you will be glad to know that this Custody database cannot be read or accessed by a human being. This is because all its data has been encrypted, and can only be handled by a machine environment.
Its primary server is only accessible through the automated modules being used by Bankex as it has been completely removed from human interference. Additionally, for you to access any wallet in the Custody database, you will need to gain access to a series of keys that have been nested in what Bankex is calling HSM (Hardware Security Module). The platform has insisted that it will test everything to ensure wallet security, and guarantee that all essential bases are covered.