How Blockchain Companies Paying Out $878,000 to White Hat Hackers in 2018 is a Big Deal
2018 was a good year for white hat hackers. These individuals and developers earned around $878,000 from crypto bug bounties during this year. The information was released by TheNextWeb on December 30.
Companies tend to invite hackers to attack their networks and blockchain in order to discover where they have to improve their security. Those hackers that are able to discover security issues receive funds as a prize. Once the security issue is discovered by the hacker, the company fixes it before another party exploits this issue.
According to the report released by TheNextWeb, hackers received $534,500 on HackerOne. HackerOne is a bug bounty platform that connects companies with hackers from Block.one. Indeed, Block.one, the company behind the blockchain project EOS, is responsible for 60 percent of all the bounties that were handed in this year.
At the same time, one of the largest and most popular cryptocurrency exchanges, Coinbase, has also spent $290,381 in bounties during 2018. Tron (TRX) has also given $76,200 in funds to white hat hackers in bounties during 2018.
Around 4 percent of the bounties that were awarded to hackers were related to blockchain vulnerabilities. The average prize was $1,490 in 2018, compared to the average HackerOne bounty prizes that were $900.
There have been different vulnerabilities affecting companies in the crypto space. For example, EOS dApps lost around $1 million due to hacks since July. There are other exchanges that have also been hacked this year because they did not have the necessary security measures implemented in their platforms.
NEO has also experienced some issues with its code, but the team behind it was able to fix all the issues before having any problem with the network.