Coinbase turns security evaluation into contest with $100,000 USDC incentive despite pressure from regulators

FXstreet
FXstreet

29 Jun 2023 11:58 PM

Coinbase Exchange has doubled down on vigilance, leaving no stone unturned in its new product release. In its new venture with the Ethereum Layer-2 ne...

  • Coinbase plans to release a new Ethereum Layer-2 (L2) network called Base in collaboration with Optimism.
  • They conducted a security competition, offering a $100,000 USDC reward for finding vulnerabilities in the network.
  • The competition lasted 14 days, with no significant vulnerabilities discovered.
  • Although minor issues were identified, Coinbase is committed to addressing them.
  • The security investigation is expected to enhance Coinbase's reputation among centralized exchanges.

The article highlights Coinbase's commitment to security and vigilance in the face of negative publicity. The sentiment is generally positive, emphasizing the importance of diligence and the potential benefits for Coinbase.

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You May Ask

What is Coinbase planning to release in collaboration with Optimism?How did Coinbase turn a security exercise into a competition?What was the reward offered for finding vulnerabilities in the network?Were any significant vulnerabilities discovered during the security investigation?How is Coinbase's reputation expected to be impacted by this security probe?

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