After experiencing the biggest DeFi hack of all time with a loss of $ 6 million and mysterious messages from the hacker, the Cardano Foundation is arming itself accordingly. A bug bounty program is intended to make the Cardano blockchain the most secure blockchain ever.
In order to guarantee tangible results, the Cardano Foundation cooperates for the Bug Bounty program with HackerOne, an international hacker community based in London, Singapore and New York. In a blog post, HackerOne Account Manager Tor Abrams explains:
“No organization is immune to security breaches. The only solution is to find and fix them before cyber criminals take advantage of them. Ethical hackers can find vulnerabilities that automated scanners overlook by thinking creatively and identifying places where hackers could “chain” errors to attack. “
Cardano’s Bug Bounty Program
HackerOne shines with over 250,000 security holes found. Now the ethical hackers should also examine the Cardano network more closely in the coming months. The aim is to make the Cardano blockchain the safest and most stable blockchain. In future, attackers should not have a chance to exploit vulnerabilities for attacks.
Jeremy Firster, Project Manager at the Cardano Foundation, explains the need for the Bug Bounty program:
“Cardano is a leading blockchain ecosystem that aims to enable integrated blockchain solutions worldwide. It is our duty to adhere to the highest standards and commitment to code transparency and reliability to ensure that the protocol remains functional for mission-critical applications deployed by individuals, startups, corporations, financial institutions and governments around the world. “
Security as the basis for the stakeholders of the future
Cardano wants to ensure that partnerships with financial institutions and companies can exist on the basis of a secure blockchain landscape. HackerOne uses large databases with vulnerability trends and industry benchmarks for testing. For the hackers there is of course a bounty for finding critical security holes.
“While a high proportion of hackers (76%) are motivated by bounties, 85% of them also do so to learn and improve their skills and 62% do so to advance their careers. Hackers are also motivated by the desire to do good in the world, with 47% hacking to protect and defend businesses and individuals from cyber threats. “
The bounty for the hackers is between 300 and 10,000 US dollars. The hackers first test the Cardano wallet and the Cardano nodes.
Furthermore, Cardano is now cooperating with the RegTech and blockchain analytics provider Coinfirm to improve the security of the crypto and blockchain economy. Using advanced AML / CFT analytics, Cardano ensures compliance with FATF (Financial Action Task Force) guidelines, 6AMLD and other supranational and national regulations.
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