The life of a hacker is like living on the edge who can make big bucks while infiltrating the networks. But it truly depends what type of hacker is one; a devil in disguise or one who eyes for bounties in exchange of fixing company’s problems. Reportedly, white hat hackers made over $32,000 worth rewards in the last 7 weeks fixing security firewall of the tech firms and making their systems easier to manage.
These specialist hackers are legal professionals who can access system remotely and breach in to the secured network. Unlike the black hat hackers, these groups or individuals just prefer a handsome reward for the greater good. To more surprise, these white hat hackers are pretty large in numbers, even more than we used to hear from media outlets.
Recently over the period of a month and a half, prominent blockchain and cryptocurrency platforms like Coinbase, Tron, EOS and Brave suffered major security flaws. Reportedly, they hired these hackers in exchange of $32,150 in bounty. Reportedly this year, about 15 cryptocurrency platforms reported security issues in their system between 28th March to 16th May. These companies also publicly revealed 30 bugs that their system encountered with, reported HardFork.
The rewards are adjusted according to the severity of the discovered bug issues. Counting on the firms having bug issues, OmiseGo underwent 6 bug fixes, the highest among all the platforms. Moreover, each bug fixes cost them meagre $100 totaling about $600. Augur, the blockchain-based prediction platform and Brave browser firm equally reported 3 bug issues.
EOS blockchain firm, Block.one payed a hacker with a hefty fee of $10,000 for single bug fix. Similar was the case with Aeternity platform. Justin Sun’s Tron Foundation reported the large number of malicious smart contracts that could have clogged their blockchain network. The foundation rewarded the expert with $3,100 in bounty.
HardFork further revealed:
The amount of hackers who prefer to fix security issues seems to be remaining steady — but sometimes they can make off with much bigger amounts exploiting vulnerabilities themselves.
Reports of the recent attack on Binance cryptocurrency exchange state that the hackers managed to steal 7,000 BTC last week from its own wallet. More importantly, Bitcoin managed a price jump that incurred $15million more values to the earlier 7000 BTC worth $40 million. However, this is coincidence that the exchange runs its own bounty program with the highest reward of $100k for the most severe bug issues and has a large number of hackers.
Last year, white hat hackers earned a total $878k bounties where Coinbase reportedly rewarded a total of $290,381 while Tron paid over $76k.