EOS the Global Leader in Cryptocurrency Bug Bounties in 2018
As the adoption and popularity continue to grow exponentially, there is a consistent rise in cyber attacks as well.
The usual approach from companies and security researchers is to stay vigilant by regularly patching any security loopholes that they might find. In case of a breach, the companies quickly inform the users and ask them to change passwords until they fix the issue.
An increasing number of startup companies are taking the third route towards this problem. These companies are launching programs to invite hackers for helping discover vulnerabilities in their software. Provided with an incentive, the hackers are coming forward to fix these problems. Based on the results, this strategy is working.
Blockchain companies with active programs on vulnerability disclosure has doubled in size since last year. The number of vulnerability submissions has also doubled in 2018, as per the report by HackerOne, shared exclusively with Hard Fork.
HackerOne also shared that as compared to last year, the total bounty awarded by blockchain firms has increased by over 500 percent, from $90,000 in the year 2017 to a whopping $600,000 in 2018.
EOS has become the leader in awarding these bounties as the company has awarded over $417,000 through its bug bounty program which was launched in May. Interestingly, $120,000 of this bounty was claimed by a single hacker.
The second contender for handing out the biggest bounties was Coinbase which awarded over $281,000 in its programs.
It is surprising to see that despite the promise of enhanced security, blockchain and decentralized software have seen the rise in the number of attacks. The biggest issue is that the lost funds cannot be recovered.
For those looking to make money, Augur’s $200,000 bug bounty program is still live.
The need to host these bounty programs is becoming more important each day. Notably, $761 million dollars worth of cryptocurrency has been lost of hacking and scams in 2018 so far.