Case in point, crypto startups have forked out more than $878,000 in bounty to “Goody Two Shoes” hackers in 2018 for solving bugs slipped under the radar.
Crypto Startups Forked Out $878,000 to Ethical Hackers
The Next Web’s Hard Fork column reported that blockchain firms awarded $878,504 to white hat hackers over the course of 2018 for rectifying bugs.
Block.one is the company behind the crypto juggernaut in EOS, which forked out upwards of 60% of the aforementioned amount.
Assuming that the startup raked in nearly $4 billion for its EOS token offering, one of the most hyped digital currencies of all-time, it is easy to know Block.one forked out $534,500 to white hats.
Amazingly, the seemingly unhackable $8 billion upstart, Coinbase comes in behind Block.one with $290,381 in paid bounties. But, the cybersecurity platform compiling the data, HackerOne didn’t divulge the exact amount of the total was which was a result of 2018 bugs, since Coinbase reportedly began its disclosure program in 2014.
Justin Sun-headed Tron, that recently exceeded a number of pertinent milestones, has discovered itself behind Coinbase, while allowing white hat hackers to score $76,200.
While many cryptocurrency projects talk a big game, their bottom line is that many blockchain-based and crypto-friendly startups remain vulnerable.
Altex, a lesser-known cryptocurrency exchange, saw its ARQ stash get looted in early-August.
The platform claimed that it lost a big sum, particularly owing to a bug that hails from the Monero codebase.
“It appears that what happened here is that an exchange wasn’t checking the valid flag on transactions. They accepted a transaction with valid=false (which they should not have), and then the second “double spend” transaction had valid=true, which they also accepted.”
Nobody knows where this problem originated from, the aforementioned case only accentuates the fact that cryptocurrency industry remains nascent.