White Hat Hackers Profit Big Off The Blockchain Industry, Fixing Flaws For Popular Platforms

Hackers Are Making A Big Profit Off The Crypto Industry, Fixing Bugs In Popular Platforms

  • Hackers have been paid over $32,000 for their exposure of vulnerabilities in crypto platforms since March 28th.
  • Binance hacker still remains at large.

In the world of cryptocurrency, technology is in a constant state of change. Developers can roll out software, while still fixing various vulnerabilities over time. However, it appears that these platforms are outsourcing the responsibilities to the very people they want to keep out – hackers. According to a report from The Next Web’s Hard Fork, the contributions that the hackers have made have earned them $32,150.

So far, there have been 15 blockchain-related firms to employ the services of the hackers, including TRON, Brave, EOS, and Coinbase. The rewards were paid out to the security researchers from March 28th to May 16th, creating 30 officially released bug reports. The most fixes to these security issues were found in Omise, which created the OmiseGo cryptocurrency, with six corrections. Augur, a prediction market that is founded on the blockchain, reported three fixes, which is the same as Brave software.

Much of the payment for fixing security flaws was based on the work required to do it, according to HackerOne. Omise paid about $100 each for most of their reports, though there were many payments during that period that were much higher. Block.one, which created the EOS blockchain, paid out one of the hackers $10,000 for a single fix that they made. Aeternity followed the same pattern.

TRON paid $3,100 to a researcher that found their platform at risk for a massive influx of malicious smart contracts, which could have completely shut down the blockchain. While there are many hackers coming in to help with the security issues on these platforms, there is still a chance that hackers could ultimately use these vulnerabilities to their advantage.

A perfect example of the abuse of these vulnerabilities comes from Binance, who recently announced a theft of 7,000 BTC from their platform, which was worth $40 million at the time. Binance already has a bounty program in place to encourage hackers to help with their vulnerabilities, offering a maximum reward of $100,000 for the biggest vulnerability solutions.

At this point, the hacker that stole the BTC from Binance has still not been found.

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