$24,500: How Do White Hat Hackers Cash In On Crypto?

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Crypto startups often use blockchain due to its invariability and top-level security but despite all this even distributed ledgers are prone to the most crucial of vulnerabilities. This week alone EOS, TRON, Monero and Augur granted $24,500 to those well-meaning hackers who detected bugs in their software.

According to HackerOne data, security experts have found seven vulnerabilities in total: 3 in TRON, 2 in EOS and 1 each in Monero and Augur. Unfortunately, the most of these reports are still kept secret from public so it is hard to define how sever the problems were.

What we do know is that EOS was the most bounteous and granted in total $12,500, followed by TRON with $7,000 and Augur with $5,000. Monero decided not to disclose the bounty size. In fact, EOS has got must more experience in rewarding. Since the company released its security program in May, it has rewarded over $300,000 for more than 40 detected bugs.

Augur is the only company which made the information on vulnerabilities public. This has shown that the flaw in the network would help hackers manipulate gas and increase tariffs necessary for creating new markets on the platform.

Dutch white hat hacker Guido Vranken has made over $120,000 recently for bugs reported on to EOS. In addition, people kept on finding ever more bugs in the system over the last weeks.

Note that although errors are no good news there bounty-programs that encourage hackers to disclose such in a conscientious way instead on making use of the vulnerabilities and gaining personal profits. The measures are getting more acute provided all transactions on blockchain are transparent and easily traceable so white hacking is often the most beneficial and safe option.