Security researchers make it big with cryptocurrency bug bounty programs in 2018

Cryptocurrency devotes often praise blockchain for its tight security system. However, the year 2018 shows that no technology is perfect. In fact, blockchain companies saw more than 3,000 vulnerabilities in 2018 alone.

According to stats revealed by the breach disclosure platform HackerOne, blockchain companies gave out approximately $878,504 in bug bounties to hackers this year.

The report compiled in mid-December shows that the total sum of bug bounties granted by August was $600,000.

The EOS creator Block.one accounts led the ‘bounty’ game with 60% or $534,500 of all bounties handed out in the year.

The top-three bug bounty rewarders of all time include:

· Block.one - $534,500

· Coinbase - $290,381

· TRON - $76,200

Cryptocurrency exchange desk Coinbase has been running a disclosure program since 2014 while Block.one launched its program for EOS at the end of May.

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

The blockchain bug problem is bigger than it seems

The report shows that there are currently 64 blockchain companies on its platform while in context, there are more than 2,000 various cryptocurrency companies. This means that the actual number of vulnerabilities is slightly higher.

Researchers also found vulnerabilities in both Bitcoin and Bitcoin Cash this year along with 34,000 in Ethereum-based projects.

Since there is no way to reverse transactions; the severity of vulnerabilities on blockchain is more serious than other technology platforms.

If you are making plans to invest in blockchain for the coming year, maybe you should assess the risks that come along with it before making the plunge. Good luck!

Security researchers pocketed $878,000 from cryptocurrency and blockchain bug bounty programs in 2018

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