Skyrocketing cryptocurrency bug bounties expected to lure top hacking…
Bounties as high as $10 million dollars make hunting cryptocurrency vulnerabilities lucrative for those with the proper skillsets. It might eventually drive up fees for traditional bounties, too.
As high-stakes cryptocurrency and blockchain projects proliferate and soar in value, it’s no surprise that malicious actors were enticed to steal $14 billion in cryptocurrency during 2021 alone. The frantic pace of cryptocurrency thefts is continuing into 2022.
In January, thieves stole $30 million in currency from Crypto.com and $80 million in cryptocurrency from Qubit Finance. February started with the second-largest decentralize finance (DeFi) theft to date when a hacker exploited a token exchange bridge in Wormhole to steal $320 million worth of Ethereum.
The largest cryptocurrency hack so far took place last August when blockchain interoperability project Poly Network suffered a hack that resulted in a loss of over $600 million. In an unusual move, Poly unsuccessfully attempted to publicly negotiate with the hacker a post-theft “bug bounty” of $500,000 in exchange for returning the $600 million, a bounty worth six times more than that typically offered in traditional cryptocurrency bug bounty programs.
This article appeared in CSO Online. To read the rest of the article please visit here.
Image by WorldSpectrum from Pixabay