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Offline chilly storage cryptocurrency pockets service supplier GK8 is providing a bug bounty of as much as $250,000 to the primary one who can hack its product.
GK8 — which presents its resolution as a “hack-proof digital vault” that wants no direct or oblique connection to the web — will place 14 Bitcoin (BTC) (over $125,000 at press time) in its pockets. Anybody who succeeds in breaking into the pockets will pocket its proceeds, plus an extra $125,000 prize.
The bounty program will run from Feb. 3 (9:00 a.m EST) by February 4, 2020 (9:00 AM EST).
Mitigating state-sponsored assaults and APT threats
Israel-based GK8 claims its high-security custody resolution for digital asset storage will enable banks and different establishments to totally entry and handle their crypto holdings and associated info while not having to connect with the web.
The agency’s website claims the product has been designed in order “to reduce the pockets’s assault floor and block attackers’ affect on security-critical elements.”
Among the many checklist of dangers it goals to mitigate, GK8 has pointed to state-sponsored assaults and stealth APT (superior persistent risk) cyber threats.
Zcash (ZEC) founding scientist and cryptography researcher Professor Eran Tromer has endorsed the mission, contending that the chilly pockets resolution developed by GK8 will set a brand new commonplace for prime safety cryptocurrency custody choices. He defined the way in which wherein the agency has designed the pockets with a minimized assault floor, noting that it really works by:
“Having solely outbound unidirectional communication after which constructing the remainder of the cryptographic protocols round it utilizing multi-party computation, validation protocols, the transmission of insurance policies to the setting, all whereas stopping the injection of malicious inputs from the web again into the chilly pockets.”
Excessive stakes
In an trade that should all the time maintain one step forward of potential risk vectors, bug bounty packages function a helpful “stress check” for cryptocurrency corporations to probe the safety of their options.
In Dec. 2019, the AirSwap decentralized alternate protocol introduced its launch of a bug bounty program with rewards of as much as 20,000 Dai (DAI), with out setting a time restrict for bug-finders.
Earlier, in October, MakerDAO had been prompted to repair a crucial bug that might have resulted in an entire lack of funds for all platform customers. HackerOne person lucash-dev had disclosed a report revealing a crucial bug in MakerDAO’s deliberate improve, and was rewarded for the hassle with a $50,000 bounty.
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