Digital wallet firm will reward 250.000 dollars to whom can hack its product
GK8, an offline cold storage cryptocurrency wallet service provider, will reward a prize up to $250,000 to whom can first break into its product. This is how the firm presents its solution as a “hack-proof digital vault” without direct or indirect connection to the internet. It will place 14 BTC (over $125,000 at the current time) in its wallet. Anyone who succeeds in hacking the wallet will get its proceeds, plus an additional $125,000 prize.
You can participate in the bounty program from Feb. 3 (9:00 a.m EST) through February 4, 2020 (9:00 AM EST).
Decrease state-sponsored attacks and APT threats
Israel-based GK8 states its high-security protection solution for digital asset storage will allow banks and other institutions to completely access, manage their crypto holdings, and related information without using the net. The firm claimed that the product has been designed in order to minimize the wallet’s attack surface and block attackers’ influence on security-critical components.
Among the list of risks that the firm aims to mitigate, GK8 has pointed to state-sponsored attacks and stealth APT (advanced persistent threat) cyber threats.
The founding scientist and cryptography researcher of Zcash (ZEC), Professor Eran Tromer has endorsed the project, asserting that the cold wallet solution developed by GK8 will take out a new standard for high-security cryptocurrency custody offerings. He explained the way how the firm has designed the wallet with a minimized attack surface, stressing that it works by having only outbound single communication and then creating the rest of the cryptographic protocols around it by applying multi-party computation, validation protocols, the transmission of policies to the environment. At the same time, it prevents the injection of malicious inputs from the internet back into the cold wallet.
In an industry that must always keep one step ahead of potential threats, bug bounty programs play a role as a useful stress test for cryptocurrency companies to probe and improve the security of their solutions.
In 2019, the AirSwap decentralized exchange protocol launched a bug bounty program with rewards of up to 20,000 Dai (DAI), without setting a time limit for bug-finders. MakerDAO had also been encouraged to fix a critical bug that could have resulted in a complete loss of funds for all platform users. HackerOne user had disclosed a report revealing a critical bug in MakerDAO’s planned upgrade and was rewarded with a $50,000 bounty.