GK8 Security Firms Offers $250K Bounty for Hackers Who Can Hack Its Cold Wallet
GK8, a cybersecurity startup based in Israel has offered a bounty of up to two hundred and fifty thousand dollars in BTC for any person who will manage to access or hack its crypto cold wallet. The bounty program which is expected to run for a period of twenty-four hours is expected to go live on the morning of February 3rd.
The company has stated that the official starting time will be at 9:00 am EST. This information is based on a statement that was shared on Monday by The Block. The statement further goes to state that when the program begins, the GK8 cold wallet will be holding around one hundred and twenty-five thousand dollars’ worth of BTC.
It goes on to state that the first person to bypass its security measures will not only get to walk away with the money in the cold wallet, but they will also receive an additional $125,000 in form of a reward from the company.
Bounty Worth in BTC
The total amount of money that has been offered by GK8 to all interested hackers is worth at least 28BTC going by the current trading prices. On the heels of releasing this statement, the cybersecurity startup has stated that no one can be able to hack into its cold wallet. The actual terms used were “totally unhackable.”
It states that the reason for this is because of the digital management process occurring behind the scenes which do not require the presence of a web connection. Lior Lamesh, the GK8 CEO and Co-Founder is a cybersecurity expert who has in the past worked for The Office of the Prime Minister of Israel. Lior commented on the bounty program and stated that:
“We dare the hackers of the world to take a stab at cracking it, but they won’t be able to.”
The startup was able to raise a total of four million dollars last September as part of its seed funding round. The money was to be used in building its cold wallet using the functionalities associated with a normal “hot” wallet.