GK8, a cybersecurity company that offers a high-security custodian technology for managing and safeguarding digital assets, is offering a $250,000 bug bounty for the first person who can hack their product.
The company, which describes its solution as a “hack-proof digital vault” that needs no direct or indirect internet connection, will place 14 Bitcoin (BTC) in its wallet (over $125,000 at press time). Anyone who manages to break into the wallet will pocket their earnings, plus an extra $125,000 reward.
The program will commence from February 3-4, 2020 (for 36 Hours).
GK8 claims that its digital asset storage high-security custody solution would enable banks and other organizations to completely access and control their crypto assets and related information without having internet connection.
The company’s website claims that the product was designed in such a way as “to minimize the wallet’s attack surface and block attackers’ influence on security-critical components.”
The project was endorsed by Eran Tromer, Zcash (ZEC) founding scientist and cryptography expert Professor, claiming that the cold wallet solution created by GK8 would set a new standard for high security cryptocurrency custody solutions.
He explained how the firm built the wallet with a minimized surface of attack, noting it works by:
“Having only outbound unidirectional communication and then building the rest of the cryptographic protocols around it using multi-party computation, validation protocols, the transmission of policies to the environment, all while preventing the injection of malicious inputs from the internet back into the cold wallet.”
In a related context, Cryptolydian reported earlier this month that Kaspersky Labs said crypto users should be aware of potential attacks from hackers in North Korea as they develop malware through the most popular app Telegram.
Kaspersky said cybercrime group Lazarus has significantly changed its hack methodology through using improved tactics dubbed as “Operation AppleJeus Sequel” to obtain the cryptocurrency.