Blockchain Companies Awarded $900,000 in Bug Bounties in 2018

HackerOne, the bug bounty solutions company, has released statistics detailing how close to $900,000 was handed out in 2018 to hackers discovering crypto bugs.

HackerOne allows white hat hackers to report on bugs and vulnerabilities they have found in exchange for monetary rewards, dubbed “bug bounties.” The statistics released by HackerOne revealed that $878,504 was awarded by blockchain companies to white hat hackers in 2018.

Blockchain company EOS accounts for more than 60% of the crypto bounties handed out in 2018. EOS is a blockchain platform and network for decentralized applications; its cryptocurrency (EOS) regularly appears in the top-five largest digital currencies. Another major crypto company involved in the statistics is Coinbase, who accounted for $290,381 in bug bounties. Coinbase is a popular cryptocurrency exchange based in the US.

Tech enthusiasts often praise blockchain for its tight security since by its nature blockchain platforms use sophisticated maths and cutting-edge software that makes attacking them extremely difficult. However, no technology is 100% secure, and blockchain, like all technology, has its vulnerabilities. It’s good to see that there is a healthy interest in tightening this security and rewarding white hat hackers operating in this area. For example, a statement issued by HackerOne declares that the bounties paid out by blockchain companies tend to be higher than other companies:

“The average bounty for all blockchain companies in 2018 was $1490, that is higher than the Q4 platform average of around $900.”

The report showed that 2018 saw over 3000 vulnerability reports given to blockchain companies. This proves that while blockchain may be leaps and bounds ahead of some other forms of tech when it comes to security, it still has its flaws and there is still some way to go. While the rate for blockchain awards remains higher, we may see an increased interest from white hat hackers when it comes to blockchain. It can be difficult to make a full-time income from being a bug bounty hunter, although some people certainly do. However, this doesn’t stop seasoned developers and beginners alike making an extra income from bug bounties, and with the release of this year’s statistics, we may see more developers looking to make some extra money analyzing blockchain software.

This will ultimately be a good thing for the blockchain industry, it will make a heavily secure piece of technology, even more secure. 2018 has been rife with high profile hacks and data breaches from major companies such as Facebook, leading many people to become cautious of technology and its security, so it may provide the public with some confidence that blockchain companies are heavily invested in improving their security.
HackerOne, the bug bounty solutions company has released statistics detailing how close to $900,000 was handed out in 2018 to hackers discovering crypto bugs.

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