According to TheNextWeb reports released a few days ago, white hat hackers received $878,000 in prizes during 2018. The technology news site explained that hackers received this amount of money after participating in bug bounties. Companies in the crypto space have promoted these bounties to find bugs and issues on their platforms.
White Hat Hackers Recognized for their Job
As reported by TheNextWeb, hackers earned several thousands of dollars in 2018 after participating in bug bounties. This competition allows hackers and experts to break firms’ software and disclose these vulnerabilities. In this way, companies can solve these issues before they are exploited.
Hackers were able to earn $534,500 using HackerOne, a bug bounty platform that connects hackers from Block-one with companies. Block.one is the company in charge of EOS’ development and expansion in the market. As reported by TheNextWeb, BlockOne was responsible for 60% of the bounties in 2018.
However, there were other platforms in the crypto space that conducted different bounties. For example, Coinbase gave $290,381 in bounty prizes this year. Coinbase is one of the largest crypto platforms in the market and it offers different services and products for clients located all over the world.
Tron has also played an important role in giving bounty prizes this year. Tron paid around $76,200 in bounty to those that were able to help the company improve its services. The report explains that almost 4 percent of all bounties have been awarded to those that found blockchain vulnerabilities.
During the last few years, there have been several attacks on crypto-related platforms, cryptocurrencies and companies. With these bug bounty programs, hackers are able to help the crypto network improve and have better services and products.
For example, earlier this year, the cryptocurrency exchange BitGrail, was affected by an attack to its platform. The company complained that the issue was related to some issues related to the NANO virtual currency. However, the team at NANO complained that the exchange did not implement the necessary security measures to avoid being hacked.
EOS, for example, has several dApps that have reportedly lost up to $1 million to hacks since the beginning of July.