GK8, a high-tech security custody solution for cryptocurrency firm has offered a cold wallet as a target for hackers to break for a bounty of $250,000. This follows the many reports of hacking incidents launched on cryptocurrency wallets. It was recently reported that hackers have stolen over $11 billion from various mining platforms, cryptocurrency exchanges, and cryptocurrency wallets.
This and many other factors contributed to the organization of this bounty program to test the security level of the new cold wallet. The thought that Bitcoin stolen from cryptocurrency wallets Is near impossible to retrieve influenced the decision of GK8 to come out with this maximum secured wallet and the decision to put it to test.
The target which has been said to be a proven and validated first cold wallet mandated to provide the execution of the entire digital management asset without an internet connection will have to be broken into within just 24 hours according to the report. This activity will commence from February 3 to February 4 of this year. As claimed by the report, the cold wallet contains 14 Bitcoins. The participants are supposed to break into the wallet and successfully transfer out the Bitcoins. The first hacker to penetrate and finish the transfer would be awarded the top prize.
Image Source: www.newsbtc.com
The hacker who successfully penetrates the cold wallet is required to submit a report on how he was able to break into the cold wallet within 48 hours. The step by step description of the penetration plan, all subject as well as the detailed explanation of the software, the hardware and the technique used are required to be captured in the report. This is obviously to provide them with a clear idea of the vulnerabilities in the cold wallet and patch it before releasing it for use.
GK8 used about $4 million raised through seed funding rounding to build the cold wallet with hot wallet functionality. The CEO and Co-founder of GK8 Lior Lamesh said in a statement, calling the hackers in the world to take a stab at cracking it. According to him, no hacker would be able to break into it. This challenge is more interesting considering the fact that Lamesh was a cybersecurity expert of the Office of the Prime Minister of Israel.
According to the report, the first hacker to penetrate into the wallet, and submit the report within the stated timeframe, GK8 will notify the him within 30 days with a written notice as reported by the authorities. The organizers will go through the submission and all the required details to verify if the winner met all the guidelines as instructed. If everything goes well, the prize in Bitcoin would be transferred to him legally.
It was also reported that GK8 has the right to request for the 14 Bitcoins to be returned if they later realize a rule was breached by the winner. They can also provide the winning participant with additional prize. As part of the agreement, the winning participant must be always ready to provide the firm with an answer to any follow-up question.
The campaign has some rules. Participants must not be below the age of 18 years on the day of the event, and must not be a family member or a household member of an employee or consultant of the firm. In addition, the participant must not be a consultant or an employee of the firm in the last twelve months before the event is started.
Image Source: www.coindesk.com
In addition to the rules, any person whose organization or employer does not allow him to participate is not eligible to apply or take part in the event. According to the rule, anybody who works for any of the government security agencies or is engaged by them is not allowed to participate. These include people working for the Israeli Security Agency, the Israeli Defense Force, the FBI, the CIA, the Mossad, and any other security agency.
Recently, Tesla model 3 was put up for hackers to find vulnerabilities in its system. Many other companies have used this event to improve upon the security of their products.
Beyond doubt, the rate of cryptocurrency hack increases when the Bitcoin price begins to rise. In 2017 down to 2018, many incidents of cyberattacks were recorded as cryptocurrency wallets and exchanges were massively attacked. Hackers have successfully used a number of advanced strategies to hack into cold wallets to steal Bitcoin.
In most cases, hackers use the popular phishing method to get malware installed on the computer of companies to get access to cryptocurrency wallets as witnessed in previous attacks.
Source: Bitcoiner X
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