While diehard digital currency
fans usually praise blockchain technology for its top-notch security, it turns
out that the technology is not that perfect. There are lots of susceptibilities
in the code. The vulnerabilities in the code have
been an issue to many blockchain firms. In this year alone, blockchain firms have received nothing less than 3,000
Blockchain Firms Awarded $878,504 in Bug Bounties
According to statistics from
HackerOne – a breach disclosure platform – blockchain firms awarded $878,504 to
hackers in bug bounties in 2018. In the first eight months of the year, the
total amount of bug bounties awarded was $600,000.
The Top Three Blockchain Firms with the Bounty Rewards
The creator of EOS – Block.one
accounts for over 60% of the total bounties awarded in 2018. This sums to about
$534,500 – only by one firm. However, this includes bounties from before 2018.
The second on the list after Block.one is Coinbase. Coinbase awarded a total of
$290,381 in bug bounty rewards.
After Coinbase, the next on the
list is Tron – one of the most active blockchain projects in the crypto space.
Tron awarded a total of $76,200 in bug bounty rewards. These are the top three
blockchain firms with the highest bounty rewards in 2018.
Bitcoin (BTC) Price Today – BTC / USD
While Coinbase – a very popular
digital currency trading platform – came second, the firm has been running a
disclosure program since 2014. Whereas, Block.one started its disclosure
program for EOS in May. Shortly after the launch of the program, one hacker
pocketed $120,000 from Block.one in but bounties in less than one week.
Almost four percent of the
bounties awarded on HackerOne this year were from digital currency and
blockchain firms, according to a spokesperson of HackerOne. Still, it appears
that blockchain firms reward hackers a bit better than other industries.
According to the spokesperson,
the average bounty for all blockchain firms this year was $1,490, this is more
than the average of the Q4 platform of about $900. He also added that one of
the highest paid digital currency hackers made 7X the median software engineer
The Vulnerability in Blockchain Is a More Serious Issue than It Seems
HackerOne said that the total
number of blockchain firms on its platform at the moment are 64. For context, there are over 2,000
digital currency firms out there. This means that the actual number of
susceptibility is likely much higher.
Vulnerabilities were also found
in Bitcoin (BTC) and Bitcoin Cash (BCH) this year by researchers. Earlier this
year, reports have it that there were
over 34,000 susceptible smart contracts in project based on the blockchain of
Ethereum alone. As a result of the immutability aspects, the susceptibility of
the blockchain is much more severe than other centralized technologies. This is
also because there is no way to reverse transactions, except for the case of
EOS, which has inbuilt backdoors.
Hence, there are risks involved
in blockchain technology, and you might want to consider those risks if you are
banking on blockchain to keep your money safe. Meanwhile, the $200,000 bounty
of Augur for critical issues is still up for hacker to grab. No hacker has
claimed the money yet.