Blockchain's vulnerabilities are concerning, $878K bounties awarded in 2018 alone

30 Dec, 2018 | Updated: 30 Dec, 2018
by Fifi Arisandi
Blockchain's vulnerabilities are concerning, $878K bounties awarded in 2018 alone

Blockchain vulnerabilities are more concerning than those from any other industries, according to the stats from HackerOne.

The crypto industry saw a significant increase in the number of efforts to steal people’s funds in 2018, which has led many companies to improve their security level.

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Among the efforts is by awarding bug bounties to hackers that are able to spot vulnerabilities in the system. 

According to HackerOne, in 2018 alone, at least 3,000 vulnerabilities have been reported and as many as $878,504 have been awarded to hackers in the form of bug bounties.

Among them, the creator of EOS, is on the top position with 60% of all the amount of bounties rewarded in 2018.

A HackerOne spokesperson said, “Nearly 4 percent of all bounties awarded on HackerOne in 2018 were from blockchain and cryptocurrency companies.”

Furthermore, he added, “The average bounty for all blockchain companies in 2018 was $1490, that is higher than the Q4 platform average of around $900. One of the top paid crypto hackers earned 7X the median software engineer salary in their country respectively.”

In a different point of view, it also means that bug issue in blockchain is actually bigger than what it seems, which is confirmed by the spokesperson to The Next Web who said that there are currently 64 blockchain companies on their platform from over 2,000 similar companies out there.

To put as a remark, even in the oldest and most well-established cryptocurrency, Bitcoin, researchers did find significant vulnerabilities earlier this year.

In addition, with blockchain’s immutability aspects, the vulnerabilities degree is more serious than in any other technologies that allow transaction reverse.

With many people are busy making plans for next year, including investment plan, the ultimate question to ask reflecting from the above facts might be, “Is cryptocurrency/blockchain a safe form of investment?"

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