Coinbase Pays $30,000 Bug Bounty for Finding a Vulnerable Problem on its Platform via HackerOne
The cryptocurrency company and exchange Coinbase has processed a payment of $30,000 to an individual that was able to discover a critical bug on its platform and systems. According to a recent report to The Next Web, this is just one of the latest to be posted by the bug bounty platform HackerOne.
In the past, the company paid many other bounties between $100 and $1,000. At the moment, the payment of $30,000 was the largest the company registered ever and was processed on February 12.
Coinbase is offering different rewards for users that are able to discover bugs on its platform. There are four tiers of rewards: low ($200), medium ($2,000), high ($15,000) and critical ($50,000). The bounty that the company paid a few days ago can be considered between high and critical.
On the mater, Coinbase commented on the HackerOne website:
“The Bug Bounty Program serves Coinbase’s mission by helping us be the most trusted way to use digital currency. In that spirit, the scope and philosophy of the program aim to safeguard two highest priority assets (“Sensitive Data”): Digital and fiat currency balances [and] customers information.”
Users can provide their feedback and report all the software vulnerabilities in services provided by Coinbase. In order to pay users for their findings, Coinbase takes into account impact and exploitability.
During the last years, cryptocurrency companies and platforms have been targeted by hackers trying to steal users’ funds. Indeed, many exchanges were hacked losing millions of dollars in virtual currencies. One of the latest exchanges that were affected by a hack is Cryptopia, a New Zealand-based platform that lost more than $2.4 million in users’ funds after a hacker attacked it.
Clearly, these bounty programs are very important for platforms such as Coinbase that have not experienced major breaks in the past. Exchanges are an important target for hackers because they can steal several funds in an easier way.
At the time of writing this article, Coinbase Pro is the 44th largest digital exchange in the market in terms of trading volume. In the last 24 hours, the platform handled more than $60 million in trading volume.