Atomic Wallet Launches $1M Bug Bounty Program Amid Ongoing Lawsuit Over June Hack
Summary:
Atomic Wallet has initiated a $1 million bug bounty program to detect potential security vulnerabilities in its wallet software. The move comes amid a prior class action lawsuit against the developer in connection with a $100 million hack in June. The developer is inviting ethical hackers and security experts globally to uncover potential flaws in its open-source code. Depending on the severity, bug finders can expect payments ranging from $500 to $100,000. The bug bounty initiative aims to enhance the wallet's security in response to recent cybersecurity challenges in the blockchain industry.
The creator of Atomic Wallet has introduced a $1 million bug bounty program aimed at detecting security vulnerabilities in its wallet software, as per a proclamation on Dec. 18. The introduction of this bug bounty program coincides with an existing class action lawsuit against the developer, triggered by a $100 million cyber theft incident in June.
As part of the announcement, Atomic Wallet's development crew is reaching out to ethical cyber sleuths and security professionals around the globe, challenging them to discover software glitches and security weaknesses in its open-source code. A reward of $100,000 awaits white hat hackers who can uncover the most severe form of vulnerability and report it back to the Atomic Wallet team. This category of vulnerabilities include any that would facilitate an attack on a wallet or drain it without physical access, installed malware, or social manipulation, indicative of a credible cyber threat and an underlying flaw in the code or dependencies.
If any bugs or weaknesses reported fall outside of this classification, the reporters can still expect payment within the $500 to $10,000 range, the actual amount being a function of the vulnerability's severity. For instance, the uncovering of a "high-risk" vulnerability could fetch a $5,000 reward, whereas a “critical-risk” one could mean $10,000. The complete reward pool allocated for all discoveries amounts to $1 million.
Atomic Wallet's Founder, Konstantin Gladych, attributes the bug bounty program as a crucial step in ensuring future wallet security. He recently stated, "The blockchain industry's recent events have underscored that cybersecurity is an evolving domain. The best defense strategy is leveraging the global community's inventiveness and expertise." He expressed a hopeful eagerness about the program's potential contributions to the company's ultimate goal of delivering a secure and seamless user experience.
In June, the blockchain analytics platform, Elliptic, revealed that a cyber breach led to the theft of more than $100 million worth of crypto from Atomic Wallet users. An August report suggested that the attack's victims were initiating a class action against Atomic Wallet, demanding compensation for the damages incurred. The developer is currently trying to have a similar lawsuit, filed in Colorado, USA, unsuccessful, based on the rationale of not having any US-based ties.
The company has conceded to some user reports of fund losses due to this cyber attack. As per Atomic Wallet, only 0.1% of users suffered the impact which could have been a consequence of a virus on user devices, an infrastructure violation, an interception attack, or a malware code injection.
Published At
12/19/2023 8:45:00 PM
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