Crypto Wallet Developer Places Bounty on Its Product

Offline crypto wallet service provider GK8, has announced that it is giving a $250k reward to whoever first hacks its wallet.

GK8 claims that its wallet is a “hack-proof vault” that is self-reliant and requires no connection whatsoever to the Internet.

The wallet providers announced that it will put 14 Bitcoin (valued at $125k at the time of writing) into its wallet and anyone who can successfully break into the wallet can keep the contents of the wallet and will be rewarded with a supplemental $125k.

The challenge is slated to happen on the 3rd of February through to the 4th of February this year.

Risk Mitigation
GK8 asserts that its top-security holding solution for storing cryptocurrency will help banks and other establishments manage and have full access to their assets and other sensitive information while staying completely off the internet, thereby limiting vulnerability to hackers.

The company boasts that its product was developed in a way to reduce the wallet’s vulnerable sections and ward off any influence by attackers on important security elements.

GK8 also mentioned that the state-sponsored attacks and stealth Advanced Persistent Threat (APT) were on its risk mitigation list.

Renowned scientist and cryptography researcher, Prof. Eran Tromer, has praised GK8’s product, adding that it will set a new standard for security service providers.

Previous Bounties
The crypto sector is a very sensitive one and must always be ahead of possible threatening factors, thus, challenges like this are really helpful to test the maximum pressure tolerance of security service products.

In December last year, AirSwap declared open a bug bounty on its platform with a reward of about 20,000 DAI, without any deadline for the bounty.

Also, in October last year, MakerDAO was alerted to a bug on its platform by a HackerOne user. It was said that the bug left the company open to the possibility of a total wipeout of funds on the platform if the bug were to be exploited by hackers. The bug was promptly fixed and the company rewarded HackerOne with $50k for their efforts.