July 16, 2024
Atomic Wallet's $1M Bug Bounty
Latest Cryptocurrency News

Atomic Wallet Launches $1M Bug Bounty Amid Ongoing Legal Battle

The creator of Atomic Wallet has initiated a bug bounty program valued at $1 million to uncover security vulnerabilities within its wallet software, as revealed in an announcement made on December 18. This initiative emerges amidst an ongoing legal battle linked to a $100 million breach that occurred in June. The development team has put forth an open invitation to ethical hackers and security experts globally, encouraging them to identify software bugs and security flaws present in its open-source code.

The announcement specifies that white-hat hackers who uncover the most severe form of vulnerability and report it to the team will be rewarded with $100,000. This specific vulnerability refers to any loophole allowing for wallet attacks or drainage without physical access, installed malware, or social engineering. It essentially indicates an over-the-internet attack and a flaw within the code or dependencies. Hackers reporting bugs or flaws falling outside this definition will receive payments ranging from $500 to $10,000 based on the severity of the identified vulnerability. For instance, a high-risk vulnerability discovery merits a $5,000 reward, while a critical-risk one earns $10,000. The total bounty pool set aside for all discoveries amounts to $1 million.

Konstantin Gladych, the founder of Atomic Wallet, expressed confidence that the bug bounty program would significantly contribute to fortifying the wallet’s security. He highlighted the importance of leveraging the global community’s creativity and expertise to stay ahead in the ever-evolving cybersecurity landscape, affirming the program’s alignment with their goal of delivering a secure and smooth user experience.

In June, Elliptic, a blockchain analytics platform, disclosed that over $100 million in cryptocurrency was pilfered from Atomic Wallet users in a cybersecurity breach. Subsequent reports in August indicated that victims of the attack are pursuing a class action against Atomic Wallet to seek redress for the incident. The developer has moved to dismiss a parallel lawsuit filed in Colorado, asserting a lack of association with the United States.

Atomic Wallet has acknowledged instances where users reported losses from a cybersecurity attack. The company clarified that the attacks affected only 0.1% of users and might have resulted from various factors such as viruses on user devices, infrastructure breaches, man-in-the-middle attacks, or malware code injections.

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