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The modern digital market is growing exponentially, allowing hackers to gain access to new technology and techniques. Cryptocurrency exchanges are especially vulnerable, and need to stay ahead of the hackers to secure the legitimacy of their currencies, and need to be vigilant against hackers, especially after the hacking of two large South Korean exchanges two weeks ago, causing a combined $70 million in damages across several cryptocurrencies.
What is Buglab?
Buglab uses an Ethereum-based platform composed of two programs, the Buglab contest and the Vigilante Protocol, which helps companies and cryptocurrency exchanges internationally, to find and fix vulnerabilities on their digital solutions and assets on web apps, mobile apps, IoT devices, smart contracts and others.
Buglab was founded by cybersecurity veteran and engineer Reda Cherqaoui. He has been in the cybersecurity scene since the age of just 16 and developed facebook’s monitoring system, “Agatha” in 2011. Cherqaoui has also helped numerous mainstream companies such as Hotmail, Yahoo, and eBay.
The competition
Following these recent hacks, Buglab, a blockchain technology cybersecurity startup , is giving away $2,000,000 in BGL tokens to participants of its forthcoming penetration testing contests. Any exchanges who either offer to run a launchpad or promote the sale will be eligible for a penetration test to help detect vulnerabilities in their system and detect any threats in their system.
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The contest will be judged through a handful of certified and specially chosen cybersecurity experts, who will provide a summarised report of the findings and draw a complete preventative strategy to prevent faults from cropping up.
Every exchange that participates will also receive a chance to win $20,000, including a $10,000 prize for the top three winners, $10,000 for a special prize, if the winners detect no vulnerabilities, and further to this, if no vulnerabilities are found, Buglab will award a 50% of the sum due to be paid to the exchange ($10,000 in BGL tokens). This is an excellent method of testing the exchanges released in the future.
Previous hacks on exchanges
In addition to the two major South Korean exchanges that were hacked two weeks ago, leading exchange Conrail announced that a “cyber intrusion” on June 9th, and recorded a $40 million loss. 11 days later, Bithumb also announced a security breach, and recorded a $31 million, and pledged to reimburse anyone affected by the security breach.
These hacks have raised serious questions about the security of the crypto-currency market. This new has undermined all the crypto-markets, cryptocurrency users are worried about the future of their investments.
Reda also stated that this increase in hacker prowess has created an increased demand for cybersecurity professionals that far exceeds the current supply. This huge demand has pushed specialist towards finding new and more efficient solutions to oppose the growing number of security threats.
Visit Buglab here: https://buglab.io/#about
