Cybersecurity problem has been hindering the cryptocurrency sector as projects; including exchanges get attacked by hackers. With the aim of fending off malicious attacks, companies in the cryptospace are trying to block all loop holes with the help of white hat hackers.
A number of renowned projects and exchange platforms like EOS, Tron, Brave and Coinbase, among others opted for this approach to fish out bugs on their network.
According to a report from TheNextWeb, hackers, in the last 7 weeks made over $32,000 for fixing security loop holes on the above stated projects.
Statistical data disclosed that 15 blockchain-related firms approached white hat hackers within the above stated period. The blockchain companies paid the security scientists for releasing a total of 30 bug reports.
Even though the latest attack on Binance (7000 BTC) is a significant event to reflect on, the above companies have been on this cause before the incident as the report accumulated data between March 28 and May 16.
The blockchain project backed by Block.one, EOS, was found with one bug, and $10,000 was paid to a hacker for fixing the bug, all in the name of being resistance.
Image Credit: TheNextWeb
The likes of Omisego and Tron also made records. While Omisego was reckoned as the project with the highest number of bugs fixed (6), Tron rewarded its researcher with $3,100 after revealing that the network is vulnerable to malicious smart contracts. Through the malicious smart contracts, activities on Tron blockchain network could be held to halt.
For most of the bugs found on OmiseGo, the company behind the project, Omise, paid the scientist(s) around $100 each. In the release, three bug reports were filed for Augur, a blockchain based prediction platform, and Brave browser.
The pay rate for the services offered by cybersecurity experts continues to grow as the world falls short of qualified personnel who can fill open roles in the industry.
According to Cybersecurity Ventures, unfilled roles in the cybersecurity industry could grow to about 3.5 million in 2021. However, a startup company, Synack, is trying to fill this void by providing companies with “crowdsourced” security.