Grey hat hackers gathered on the first-ever Hackathon and presented innovative DeFi solutions to prevent money laundering on decentralized exchanges so let’s read more in our latest crypto news.
Hacken, the prominent cybersecurity and cryptocurrency community organized the first Grey Hat hackers idea competition where the hackers and computer enthusiasts are able to submit their ideas of detecting vulnerabilities in DeFi projects. The event offers grey hat hackers to get a chance of implementing their ideas with the support of the Hacken community as legitimate White Hat hackers.
The Hacken community started accepting submissions on January 19th for ideas for the hackathon on the website. As applications started pouring in, someone found an innovative way to submit the application by hacking into the website and posting a message with info about the idea. The message said that the site was hacked and that they considered hacking into the website and submit their idea but they stood a much better chance of winning the contest this way. These applications want to develop a project that uses Artificial Intelligence and Machine Learning to secure the projects built on ETH and Polkadot. They also intend to create a global database of wallets holding illicit funds so that the DEfi solutions are able to combat money laundering.
After the hack, Hacken’s team worked along with its community and restored access to the website. Hacken’s CEO Dyma Budorin noted:
“We have helped our community restore the work of the site. That has not been a typical hacking. The hackers have decided to present themselves and apply for participation in the hackathon in such a way. We have contacted them to clarify the project’s details. Although we do not support hackings, the project in question devotes attention. We suggest that the project has the potential to have an impact on the further development of the DeFi market.”
Hacken confirmed that all applications will be reviewed in a standard procedure. Applications for the First Grey Hat hackers ideas competition will be open until January 31 and the winning team will receive a reward of 600,000 HAI while the second and third positions will get 300,000 and 100,000 HAI respectively.
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