White-hat crypto hackers are putting their skills to test to save the crypto sector from itself. According to a report, these hackers made more than $32,150 in rewards in the past seven weeks alone. Their main job involves finding and fixing security flaws in leading crypto networks.
According to a report, the ethical hackers worked with 15 blockchain-related firms such as TRON, EOS, Omise and Coinbase. The white-hat hackers worked through Hackerone, a bug bounty program. The 15 firms distributed the $32,150 from March 28 to May 16 as a reward for fixing 30 public bug reports.
The Price of Fixing a Bug
The reward for finding each bug varies depending on how damaging the weakness would be if exploited. For instance, fixing most bugs on the Omise software cost approximately $100 per discovery. On the other hand, Block.one, the firm backing the EOS blockchain parted with $10,000 for a single bug fix. Aeternity, an upcoming blockchain startup also paid $10,000 for a bug fix.
Another publication notes that TRON paid $3,500 to a researcher that found the network had a weakness that could be used to flood it with malicious smart contracts. Had this exploit been discovered by bad actors, they could have used it to shut down TRON’s blockchain.
Omise, the software that powers Omisego (OMG) had six bug fixes. This is the highest number of that the ethical hackers found in a single network during the 7-week period. Augur, a blockchain-powered prediction market came second with three bug reports. Brave software, the creator of the Brave browser also had three bugs.
Finding bugs in crypto networks has been profitable for white-hat hackers. Reportedly, ethical hackers made $878,000 from fixing crypto bugs in the past year alone. Per the publication, EOS accounted for 60 percent of the total sum. Coinbase was the second biggest spender after paying out $290,381. Tron took third place after spending $76, 200 on bug fixes.
While discovering and reporting weaknesses in a crypto network is profitable, some characters prefer being unethical as it is more profitable. Some hackers may find a bug and hold it hostage in exchange for ransom. If the firm does not meet the stipulated terms, the hacker may reveal the weakness to the world.
Other hackers do not take delight in fixing problems in crypto networks. They instead search for weaknesses and use them to steal from exchanges and firms. Earlier this month, Binance announced that attackers had stolen 7,000 BTC from its hot wallets. This attack shows that most hackers are after profits as Binance gives rewards for bugs found through its bounty program.
Bugcrowd manages the program and it offers $10,000 per project. When an ethical hacker finds a “P1: Critical” bug, the exchange awards them $100,000 in BNB.
Do you think white-hat hackers can stop crypto hacks by finding all bugs? Let us know in the comments below.
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