The cryptocurrency news today show that the offline cold storage cryptocurrency wallet service GK8 is now offering a bug bounty of up to $250,000 to the first person who can hack its products. The wallet creator offers a relatively big sum for hacking the GK8 which is essentially a “hack-proof digital vault” which needs to be in direct or indirect connection to the Internet.
As such, they will place 14 Bitcoin (BTC) (at a price of over $125,000 now) in its wallet. Therefore, anyone who succeeds in breaking into this wallet will pocket the proceeds and an additional $125,000 prize.
The bounty program is designed and will run from February 3 through February 4. According to the Israel-based wallet creator GK8, the high-security custody solution for digital asset storage will allow banks and other institutions to fully access and manage their cryptocurrency holdings and related information without connecting to the Internet.
The firm’s website claims that the product has been designed to “minimize the wallet’s attack surface and block attackers’ influence on security-critical components.” Also, the wallet creator has pointed to state-sponsored attacks and stealth APT (advanced persistent threat) cyber threats.
The Zcash news show that one founding scientist in this cryptocurrency named Eran Tromer has endorsed the project and contended that the cold wallet solution developed by GK8 will set a new standard for high security cryptocurrency custody offerings.
“Having only outbound unidirectional communication and then building the rest of the cryptographic protocols around it using multi-party computation, validation protocols, the transmission of policies to the environment, all while preventing the injection of malicious inputs from the internet back into the cold wallet,” the developer said.
In an industry where it is always need to be one step ahead of potential threat vectors, bug bounty programs like these from the wallet creator GK8 and others serve as a useful “stress test” for cryptocurrency firms which are probing the security of their solutions.
In December 2019, we saw that the AirSwap decentralized exchange protocol also announced the launch of its bounty program with rewards up to 20,000 in DAI, without setting a time limit for the bug holders.
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