Benzinga - As cybersecurity becomes increasingly crucial in the digital age, cryptocurrency companies are offering substantial bug bounties to reward ethical hackers for discovering vulnerabilities in their systems.
Here are the top three highest bug bounties paid by cryptocurrency companies, based on a Twitter thread by Lemon.io. CEO Aleksandr Volodarsky:
Wormhole: $10M Payout For A Critical Bug Fix In 2022, a hacker exploited a vulnerability in Wormhole, a platform that offers bridges between multiple blockchains, stealing $320 million. The company offered a $10 million reward for anyone who could report and fix the bug.
The winner of this massive bounty was a user known as "satya0x."
Aurora: $6M Reward For Preventing A Potential $330M Loss Aurora (CRYPTO: AURORA), a blockchain bridge project, faced a major threat in April 2022 when a user named "Pwning.eth" discovered a flaw that could have resulted in a $330 million loss.
Fortunately, no funds were lost. Pwning.eth fixed the bug and Aurora paid him $6 million.
Optimism: $2.1M prize For Uncovering A Token-Printing Exploit Optimism (CRYPTO: OP), an L2 scaling solution for Ethereum (CRYPTO: ETH), rewarded user "Saurik" with $2.1 million for reporting a bug in the chain "that would have allowed an attacker to print an arbitrary quantity of tokens."
Other significant bounties include:
- A $2 million reward from Polygon (CRYPTO: MATIC) to user "g3rh4rdw4gn3r" for reporting a vulnerability in 2021
- A $250,000 payment from Coinbase (NASDAQ: COIN) to "Tree_of_Alpha" for discovering a flaw in their trading interface.
Apple (NASDAQ: AAPL) and Facebook (NASDAQ: META) have also paid out bounties of $100,000 and $50,000, respectively, for discovering vulnerabilities in their systems.
Even Microsoft (NASDAQ: MSFT) has rewarded security researchers, such as Vasilis Pappas, who received $200,000 in 2012 for developing a hacking defense for the company's system.
United Airlines (NASDAQ: UAL) has also ventured into the bug bounty space, rewarding a 19-year-old with one million miles (worth $12,000) for reporting 20 security flaws.
The record-breaking bug bounties paid by cryptocurrency companies underscore the critical role that cybersecurity plays in protecting digital assets and maintaining trust in the cryptocurrency ecosystem.
As hackers continue to target the industry, it's evident that investing in robust security measures and rewarding ethical hackers remains a top priority for cryptocurrency companies.
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