In the crypto ecosystem, hackers are faced with an important choice between exploiting infrastructure weaknesses as “black hat” hackers or reporting them as “white hat” hackers.
Black Hat Hackers vs. Black Hat Hackers White Hat
- Black Hat Attacks: Notable examples of black hat attacks include the Lazarus Group hacking the Axie Infinite token Ronin, resulting in losses of $625 million in 2022.
- White Hat Contributions: On the other hand, crypto bounty programs have paid out more than $640,000 to ethical hackers who discovered and reported vulnerabilities, although not as large as the losses caused by black hat attacks.
Bug Bounty Programs in the Crypto Industry
About 60 digital asset and blockchain related companies run public bounty programs to identify and mitigate vulnerabilities.
Below are a number of examples of bug reward programs run by a number of companies in the crypto industry:
- Magic Eden: This NFT marketplace leads the way with a total bounty of $83,000, split across 15 payouts, with nearly half worth $10,000 for a critical bug.
- MetaMask: This crypto wallet paid out a total of $75,750, making it the highest in reward payouts.
- Hedera Hashgraph: Allocated a total of $67,200 to fix vulnerabilities in Hedera's layer-1 network.
The Importance of Bug Bounty Programs
Bug bounty programs like the one run by MetaMask through its HackerOne campaign are critical in decentralizing software auditing and improving security in the industry.
This allows hackers from all over the world to contribute and be rewarded for helping protect users.
Commitment to Security and Transparency
- Coinbase: Paid out 120 individual bug bounties, demonstrating commitment to security by updating its bug bounty program offering up to $1 million for serious business disruptions.
- Brave Software: Committed to transparency by publishing extensive details about discovered bugs, increasing trust and helping other security researchers.
Conclusion
While bug bounty programs don't necessarily generate huge profits for ethical hackers compared to the potential losses from black hat attacks, they play an important role in the crypto ecosystem. By incentivizing hackers to report vulnerabilities, the crypto industry can improve its security and protect its users.
These programs offer a complementary approach to traditional auditing, encouraging ongoing attention to secure code and infrastructure.
How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet . For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH ), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read:
What is the Financial Crimes Enforcement Network?
What is Two-Factor Authentication (2FA) and Why is it Important?
DISCLAIMER: This article is informative and does not constitute an offer or solicitation to sell or buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in crypto asset exchange rate fluctuations.
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