It has been reported that this year alone white hat hackers have been awarded $878,000 in blockchain-related bug bounties this year, tech news website TheNextWeb reports on Dec. 30th.
What are Bug Bounties?
These are a type of competition or programs offered by many websites and software developers by which individuals can receive recognition and compensation for discovering and reporting bugs, especially those pertaining to exploits and vulnerabilities. These programs allow the developers to discover and resolve bugs before the general public is aware of them, preventing incidents of widespread abuse. Bug bounty programs have been widely used by a large numbers of organizations, including major platforms such as Facebook, Yahoo, Microsoft, Google and others.
According to data from the tech news site – TheNextWeb, the top three companies with the largest payouts include EOS creator Block.one, cryptocurrency exchange platform Coinbase and blockchain platform TRON.
EOS Leading the Chart
Just from Block.one alone, white hat hackers have earned $534,500 on HackerOne, which operates as a bug bounty platform connecting companies with hackers. In fact, Block.one is reportedly responsible for 60% of all the bounties handed out this year.
Major cryptocurrency exchange Coinbase comes in as the second-largest contributor and thus spent $290,381 in 2018. Blockchain platform TRON is third-largest bounty spender, having paid out $76,200 this year for bug bounties.
According to a HackerOne spokesperson, nearly 4% of all bounties awarded on the platform in 2018 came from blockchain and cryptocurrency companies. In addition to that, it was noted that the average bounty in the blockchain industry reached $1,490 this year, whereas the average HackerOne bounty in Q4 2018 reached to about $900.
As it has recently been reported, EOS decentralized apps (DApps) have lost up to $1 million as a result of various hacks ever since July. On that note, hardware wallet Ledger has recently expressed regret over the fact that the security researchers have publicly disclosed vulnerabilities in its hardware wallets rather than following the standard security principles which are written in Ledger’s Bounty program.