Crypto Project Bug Bounties Brought In Nearly $900,000 For White Hat Hackers In 2018
Bug Bounties Brought In Nearly $900,000 For White Hat Hackers In 2018
Hacking is one of the biggest issues that plagues the cryptocurrency world, but there have been many other opportunities for cybercriminals to use their knowledge for the good of the industry. Bug bounties actually allow companies to elicit the help of hackers to break into their test software, which lets the company see where their vulnerabilities. This year, there was a total of $878,000 awarded to these white hack hackers.
Based on a report by TheNextWeb, a bug bounty platform – HackerOne – awarded the hackers $534,500 for their examination of just Block.One. In fact, the current statistics show that this company was responsible for about 60% of the bounties turned in. Coinbase comes in as the second-highest spender for these hackers, ringing in a total of $290,381 in awards. The third-highest spender id Tron, who paid out $76,200.
Of these hacking jobs, about 4% of them had to do with blockchain vulnerabilities, according to a HackerOne spokesman to TheNextWeb. On average, these hackers are awarded about $1,490 for the year, though the fourth-quarter hacker bounty was only about $900.
Hacking has been a challenge for crypto accounts all year long, and there have been multiple massive threats through the year. EOS decentralized apps collectively lost about $1 million, and Ledger’s hardware wallets recently had their vulnerabilities exposed publicly, which violated their security principles.