According to the report published in NextWeb, White Hat Hackers have been awarded $878,000 in bug bounties this year.
Bug Bounties is a type of competition in which software development companies invite hackers to break their software and disclose the vulnerabilities so that they can fix them before releasing the software.
Notably, hackers earned $534,000 through HackerOne, the company which stands behind EOS which accounts for more than 60 percent of all bounties handled out in 2018. Similarly, Coinbase, a major cryptocurrency exchange spent $290,381 in 2018 which made them second largest bounty spender. Tron, the third largest bounty spender, reportedly paid $76,200 this year.
A spokesperson from Hackerone stated,
“Nearly 4 percent of all bounties awarded on HackerOne in 2018 were from blockchain and cryptocurrency companies,” adding, “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.”
There have been major hacks in bitcoin and other major altcoins such as Bitcoin Cash and EOS before. Although Blockchain is based in the decentralized technology, it has numerous bugs that are bigger than they seem because of the immutability aspects.
Let's hope white hackers will help in fixing the major issues before any major hacks occur.