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CryptoSlate
CryptoSlate
Poloniex confirms hackers identity, offers $10M white hat reward to return stolen funds
3 months ago
Binance News
Binance News
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According to on-chain analyst ZachXBT: Cryptocurrency platform HTX has rewarded a hacker with a white hat bounty of 250 ETH, equivalent to $410,000. The reward was issued following the return of previously stolen funds amounting to 4,999 ETH (approximately $8.2 million). HTX conveyed their gratitude to the attacker with a message accompanying the bounty, urging them to report details of the security vulnerability to help prevent similar incidents. The company assured protection of the hacker's privacy. Earlier, it was reported that a hacker attacked HTX, but later returned the stolen ETH. This event accentuates the potential power of ethical hacking, or white hat hacking, in improving safety and security in the cryptocurrency world.  

5 months ago
Cryptopolitan
Cryptopolitan
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In an unprecedented move in the world of cybersecurity, Zengo Wallet, a cryptocurrency wallet provider, has announced a unique bug bounty program that offers hackers the chance to win a substantial reward of 10 Bitcoin (BTC), currently valued at over $430,000.  This unconventional approach aims to put the security of the Zengo Wallet to the ultimate test, providing a hefty incentive for potential vulnerabilities to be identified and exploited. The program is set to run for 15 days, starting on January 9th and concluding on January 24th, 2024. Unlike traditional bug bounty programs that reward white hat hackers for discovering and responsibly disclosing vulnerabilities, Zengo Wallet takes a different path. Instead of paying hackers to identify and report bugs, the company is placing 10 Bitcoin into a developer-controlled account.  The twist is that if a hacker successfully drains the Bitcoin from the account, they will be allowed to keep the entire sum. The timeline of the bounty program The Zengo Wallet bug bounty program is divided into several phases over 15 days, starting on January 9th. Here’s a breakdown of the program timeline: January 9th: The account’s address will be revealed, and it will initially contain 1 BTC, approximately $43,000. January 14th: Zengo Wallet will add an additional 4 BTC, totaling $172,000, to the account and provide one of the “security factors” used to secure the account. January 21st: The team will add another 5 BTC, amounting to $215,000, to the wallet, and reveal a second security factor. The wallet relies on a total of three security factors. Hackers who wish to participate will have until 4 pm UTC on January 24th to attempt to crack the wallet. If anyone succeeds in doing so during this time frame, they will be entitled to keep the entire 10 BTC reward. Zengo Wallet’s unique security features Zengo Wallet boasts a distinctive approach to security. It claims to be a wallet with “no seed phrase vulnerability,” a notable departure from conventional cryptocurrency wallets. Users are not required to copy down seed words during account creation, and the wallet stores no key vault file. Zengo Wallet’s security core lies in its use of multi-party computation (MPC) network technology for transaction signing. Rather than generating a private key, the wallet creates two separate “secret shares.” The first share is stored on the user’s mobile device, while the second resides on the MPC network. The user’s share is further secured through a three-factor authentication (3FA) method, which requires access to an encrypted backup file on their Google or Apple account, the email address linked to the wallet account, and a face scan on their mobile device. These three factors are crucial for reconstructing the user’s share. Additionally, a backup method exists for the MPC network’s share. Zengo Wallet has entrusted a third-party law firm with a “master decryption key.” If the MPC network’s servers become inaccessible, this law firm can publish the decryption key on a GitHub repository.  In such an event, the wallet app will automatically enter “recovery mode,” enabling users to reconstruct the MPC network’s share corresponding to their account. Once both shares are obtained, users can generate a traditional private key and import it into another wallet app, facilitating account restoration. Zengo Wallet’s decision to opt for an unconventional bug bounty program raises significant interest in the cryptocurrency and cybersecurity communities. The unique approach challenges hackers to find and exploit vulnerabilities in a wallet that claims to offer higher security, particularly by eliminating the need for seed phrases and traditional private keys. The cryptocurrency world will closely watch for any developments as the bug bounty program unfolds over the coming weeks. This innovative initiative tests the wallet’s security and pushes the boundaries of traditional bug bounty practices.

about 2 months ago
Coinfomania
Coinfomania
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A Solana developer who was rewarded with 100K Solana tokens last two years for identifying and reporting a bug in the network has just cashed out $1.5 million. This individual earned this prize from Solana’s bug bounty program for his contribution to the blockchain. What is the Solana Bug Bounty Program?  In an attempt to ensure the network’s robustness and security, the Solana Foundation has a bug bounty program for hackers who can uncover vulnerabilities such as theft of funds without user signatures, unauthorized fund transfers, or vote program exploits that drain delegated stakes in the network.  The bounty program has different categories including DoS attacks, loss of funds, consensus /safety violations, and liveness/loss of availability. The rewards range from $100,000 to $400,000.  It is worth noting that the reward is paid in SOL tokens with a lockup period of 12 months. Additionally, there is a well-defined process for reporting, reviewing, and addressing the security issues.  Acknowledging that their network is not immune to attacks, Solana said that this program was designed to actively encourage white hat hackers to scrutinize the blockchain for vulnerabilities, and therefore proactively address any issues that might arise. The Developer’s Reward Taking to X (formerly Twitter) in December 2022, the developer disclosed a 100K bounty reward he got from the Solana network for executing a denial of service (DoS) attack against the network. In an update today, the developer revealed he has unlocked the bounty after the 12-month vested period. His reward of 100K SOL currently sits at $1.5 million. However, this is not the first time a bug bounty reward has been given to someone for identifying a bug in a network. In 2022, Port Finance, a Solana-based lending protocol, paid out a $630,000 bounty to a white hat hacker for his contribution to preventing a potential $25 million vulnerability from the platform,  The Solana bounty program aimed at identifying and rectifying potential security threats reflects the network’s continuous effort to uphold integrity and ensure a secure blockchain environment for its users and developers. Meanwhile, Solana (SOl) trades at $104.86 at press time, representing a slight 0.12% decrease in the last 24 hours.  The post This Solana Developer Just Cashed Out 100K SOL for Reporting a Bug appeared first on Coinfomania.

about 2 months ago
Bitcoinleef
Bitcoinleef
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Its concentrated liquidity pools were emptied last week to the tune of $47 million. After a recent security breach, the decentralized exchange system KyberSwap was able to recover $4.67 million in funds. The concentrated liquidity pools of Kyber lost $47 million last week due to a hacking attack. Negotiations with the operators of front-running bots, who stole around $5.7 million worth of cryptocurrency from KyberSwap pools on the Avalanche and Polygon networks during the attack, were successfully concluded yesterday, allowing the team to recover a part of the funds. In exchange for a 10% reward, the bot operators promised to send 90% of the funds they had stolen to a designated Polygon KyberSwap address. The hacker from the main event, who had previously shown signs of being amenable to negotiations, is not involved in this discussion. The team’s white hat reward offer seems to have stalled in negotiations. Optimism, Binance Smart Chain, Ethereum, Arbitrum, and Polygon were among the several blockchains affected by the hacker’s attack on KyberSwap’s Elastic pools. The hacker used a flaw in Kyber’s concentrated liquidity pools’ tick interval restrictions to their advantage, doubling the pools’ liquidity before draining them.

3 months ago
Psalms Bulletin
Psalms Bulletin
Crypto Daily™
Crypto Daily™
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Justin Sun’s Poloniex has revealed that it has identified the perpetrators behind the 10th of November hack, which saw the exchange lose funds to the tune of $120 million.  According to reports, Poloniex has offered the hacker a $10 million white hat reward to return the stolen funds by the 25th of November.  Justin Sun Confirms Poloniex Hacker Identified  Justin Sun, the majority shareholder in Poloniex, has confirmed that the Poloniex team has identified the hacker behind the hack that occurred on the 10th of November. According to Sun, law enforcement officials in China, the United States of America, and Russia are also involved in the ongoing operation. Sun also revealed that he had been using blockchain messages to communicate with the hacker and warned him that legal action had been initiated. The message from Sun to the hacker revealed that all the stolen funds were being tracked, effectively rendering them unusable. It also warned that any account receiving the stolen funds would be immediately frozen.  Deadline To Return Funds  Poloniex has given the attacker seven days to return the stolen funds voluntarily. Should the hacker return the funds, Sun stated they would receive $10 million as a white hat bug bounty. If the hacker failed to return the funds by the stipulated deadline, Poloniex warned they would feel the full force of legal action.  “Return the stolen funds by the 25th of November, 2023, and we will offer a $10 million white hat reward. If not returned by that time, police forces from multiple countries will initiate legal action.” The Poloniex hack resulted from a compromised hot wallet, which allowed the hacker to drain $120 million from the exchange. The hacker managed to steal several digital assets, including $3.1 million worth of XRP, $32 million worth of USDT, 244 ETH, and 86.5 Wrapped Bitcoin (WBTC). Additionally, the hacker also stole 35 different TRC-20 tokens. Following the hack, Poloniex assured users it would cover losses. The exchange also announced the temporary suspension of withdrawals and deposits.  The Poloniex team stated that it had nearly completed restoring the operational functionality of the exchange. The team is currently undertaking a thorough audit, which is also nearly complete. Once the audit is completed, the exchange will begin regular operations once again.  A Growing Headache  The Poloniex hack is the second-largest hack to hit the crypto space in 2023. The only bigger hack was the Euler Finance hack that saw the perpetrator steal $190 million on the 13th of March. However, the hacker returned all the stolen funds within a month of the hack.  Cryptocurrency exchanges have become a popular target of hackers. The recent HTX hack saw around $8 million worth of ETH being stolen from the exchange. South Korean cryptocurrency exchange Gdac also lost $13 million after falling victim to a hack in April. Deribit was also hacked, leading to the loss of $28 million. In the case of Poliniex, the hacker bought $20 million worth of TRX, which led to the token’s price increasing by over 25%. Following the hack, an analysis by blockchain analytics firm Nansen revealed that the Poloniex wallet contained only 175 tokens worth around $10,000. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

3 months ago

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