Hackers are some of the notorious players in the cryptocurrency space as they continue to torment and steal from industry participants including crypto exchanges, custodians, and individuals. And now the safety of the crypto industry now rests on the shoulders of cybersecurity firms.
GK8, a digital asset cyber-security company, has taken a bold move to create a hack-proof Bitcoin cold wallet to keep secure users’ funds. To prove that the wallet is indeed unhackable, GK8 has set up a $250,000 bug bounty to challenge hackers from around the world who think they can break into the wallet.
The cyber-security company claims the cold wallet cryptocurrency storage solution is the first-ever wallet that can handle the entire digital asset management process without the need for an internet connection.
Hence, it is confidently offering a bounty of $250,000 (AU$370,300) to anyone that can successfully break into its unhackable Bitcoin cold wallet. The bug bounty will start from February 3, 2020, according to the company.
At the said date, the address of the wallet and its live transaction information will be publicized. The participants have 24 hours to run their hacking scripts on GK8’s Bitcoin cold wallet containing $125,000 worth of Bitcoin (BTC).
Whoever breaks into the wallet first and provide a “satisfactory explanation” on how he/she succeeded will receive the whole fund in the wallet and additional rewards which will then sum up to $250,000.
“We dare the hackers of the world to take a stab at cracking it, but they won’t be able to,” said Lior Lamesh, the co-founder and CEO of GK8.
GK8 Bitcoin cold wallet, if truly unhackable, will be a very welcomed development to the crypto space. Unarguably, it will guarantee that 99.9% of users’ Bitcoins are safe from hackers and could attract more people who are afraid of losing their funds.
Hackers Attempt to Break Into Cold Wallets
While we continue to wait for the GK8 bounty result, the company is not the first to boast an unhackable cold wallet. John McAfee-backed BitFi develops a crypto wallet in June of 2018, saying it is an open-source and unhackable hardware wallet.
BitFi also offered a $250,000 bug bounty to anyone that could hack into the highly sophisticated crypto wallet, as claimed. In August the same year, the wallet was hacked twice, forcing them to remove the “unhackable” tag on its site.
Hackers are proving to be stubborn even to hardware wallets through dubious ways. In June last year, a Redditor raise the alarm about a fake Nano Ledger support phone number, which was already spreading all over the internet and scamming victims who are unaware.