Jump to content

The age long practice of paying white hat bonus to hackers: A good or bad practice?


Recommended Posts

Records has it that almost 1 billion dollars has been stolen via security exploitation with that of HTX and the decentralized cross-chain protocol Mixin Network as the most recent. Tho, the figure may not be alarming compared to the previous year that saw almost 4 billion dollars stolen.

Most of these stolen assets were never recovered and for the few that are either recovered or returned by the hackers, were associated with a decent amount of white hat bonus payment which imho encourage the proliferation of hacking activities which will definitely slow down adoption and hamper the confidence on the safety of this industry. HTX just announced the paying 250 ETH as white hat bonus for the return of the 5k ETH recently drained from their platform which is a huge sigh and a welcome development but how will we continue to live in fear in this evolving industry?image.png.36a25f4f922572f34aca8c05971facf2.png

There are few exchanges that have successfully recorded zero incidence of security exploit since inception particularly Bitget and this begs the question 'what are they doing right that others aren't doing and why is it difficult to collaborate with those secured platforms to collectively build and have secured platforms? ' cos I want to believe if these platforms are collectively secured, we could experience rapid growth that the traditional financial institution could be threatened.

Link to comment

I believe that in a hyper-tech world like ours today, all financial platforms ought to regularly update their security infrastructure to meet the present-day demands. That will make it more difficult for hackers to exploit the platform let alone ask for compensation for return of such.

I think platforms that have been successful this far must have made security of their platform a top priority to ward off any attempt just like you reported for Bitget and maybe Upbit

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • image.png

  • Posts

    • Hey all, as some of you know, I've been reviewing quite a few new crypto projects lately and breaking down what they're about and the problems they aim to solve. Today, I'll be doing the same for a platform called HiveSwap. HiveSwap is a decentralized exchange operating specifically within the Bitcoin ecosystem. It utilizes the MAP Protocol to enable interoperability and facilitate seamless token swaps across Bitcoin's various layers - the base layer, layer 2 networks, and the MAP interoperability layer itself. A major selling point is HiveSwap's ability to bridge the gap and allow swaps between Bitcoin ecosystem assets and those from major EVM chains like Ethereum, BNB Chain, Polygon, and more. This cross-chain functionality is huge. The platform is also tackling liquidity issues for emerging asset classes like inscriptions and BTC-related tokens. HiveSwap provides a decentralized avenue for swapping these types of assets and creating liquidity pools, rather than being confined to centralized venues. With its robust underlying swap technology framework, HiveSwap ensures reliability and security for users contributing liquidity. It also incentivizes liquidity provision through liquidity mining rewards paid out in tokens. Overall, HiveSwap is positioning itself as the leading decentralized exchange within the Bitcoin realm. It's solving key interoperability challenges, bringing much-needed liquidity to newer assets, and leveraging proven tech for secure, trustless cross-chain/cross-layer swaps. HiveSwap is bridging multiple gaps in Bitcoin DeFi.
    • For those who love memecoins, there's an exciting new project called RUNES•X•BITCOIN that's worth checking out.    It's a meme coin developed using the Runes protocol on Bitcoin's blockchain. The "X" theme is a clever reference to Elon Musk and the idea of limitless possibilities.   But what makes it truly unique is that it's 100% decentralized and community-driven. The entire token supply was airdropped for free to anyone holding assets with the letter "X" in the name or ticker.   So if you had X domains, X NFTs, or BRC20 tokens containing X, you automatically received free RUNES•X•BITCOIN tokens. How's that for decentralized distribution?   The project has already exploded in popularity. Over 100,000 addresses now hold this Rune, making it the biggest one by that metric. And get this – the market cap skyrocketed from $2.1 million at launch to over $13 million! Insane growth. If you're looking to get involved, I heard Bitget has a series of events planned for this project, so you might want to check those out.   Some other key highlights: - The Rune code 110# seems to have a hidden meaning  - It utilizes cutting-edge Runes tech built on Bitcoin's UTXO model for fungible tokens - Fully decentralized, with no central control   RUNES•X•BITCOIN is bringing meme culture and community experience to Bitcoin in an innovative, decentralized way. While it might be considered a legitimateshitcoin, the concept and crazy early traction are certainly wild! It's definitely a project worth keeping tabs on in the BTC space.
    • I guess alot of people will be smiling rn having recieved their airdrop allocation some couple of hours ago. ANd with the pretrading price at $2, a lot of those farmers are anticipating huge cash out but let's see what the listing brings!
×
×
  • Create New...
us