Hackers usually get a bad rep in the cryptocurrency industry. They’ve been known to steal funds and commit cryptocurrency related crimes, however not all hackers are bad.
It was recently reported that white hat hackers earned $878,000 from cryptocurrency bug bounties in 2018.
According to stats from breach disclosure platform HackerOne, blockchain companies awarded $878,504 in bug bounties to hackers this year. The data was compiled in mid-December. By contrast, the total sum of bug bounties awarded by August was $600,000.
With $534,500 awarded, EOS creator Block.one accounts for more than 60 percent of all bounties handed out in 2018.
Here is the top three all-time chart when it comes to bug bounty rewards (please note this includes bounties from before 2018):
- Block.one – $534,500
- Coinbase – $290,381
- TRON – $76,200
Block.one launched its disclosure program for EOS at the end of May. Shortly after that, one single hacker claimed $120,000 in bug bounties from Block.one in less than a week.
The average bounty for all blockchain companies in 2018 was $1490, that is higher than the Q4 platform average of around $900.
Just keep in mind that researchers found crippling vulnerabilities in both Bitcoin and Bitcoin Cash this year – the former of which is blockchain‘s oldest and most well-established protocol out there. Earlier this year, reports suggested there were more than 34,000 vulnerable smart contracts in Ethereum-based projects alone.
Due to its immutability aspects, the severity of vulnerabilities on the blockchain is much more serious than in other centralized technologies, since there is no way of reversing transactions