New data shows that fifth-ranked cryptocurrency EOS has now paid out nearly half a million dollars in bug bounties since its mainnet launch in June, making up over two thirds of all bug bounties paid by blockchain companies so far this year. EOS’ parent company Block.one has dished out a staggering $417,000 out of the approximately $600,000 total bug bounty rewards in 2018.
According to a Twitter post made last month, Dutch cyber-security expert Guido Vranken has single-handedly earned $120,000 after detecting 11 different technical errors on the EOS network. On June 4th Vranken reportedly made $80k in a single day.
How to make $80k in one day: Blockchain bugs. Congrats @GuidoVranken and best of luck on your future bugs! #bugbounty @Hacker0x01 Find bugs on @eos_io and get rewarded on HackerOne! //t.co/YpsA2LdIA0 #EOS pic.twitter.com/ZHrr6ifoKV
— Jon Bottarini (@jon_bottarini) June 4, 2018
Thank you. A couple more waiting to be rewarded. I think the final tally was $120K but I lost count. Took me about a week.
— Guido Vranken (@GuidoVranken) June 4, 2018
The ever-growing security threats in the cryptocurrency marketplace are driving an increasing number of blockchain companies to run vulnerability disclosure programs complete with bug bounties. An exclusive report given by HackerOne to online crypto news outlet The Next Web estimates that the number of these programs is likely to double in 2018 from the previous year. More than 3,000 blockchain-related vulnerability submissions have reportedly been sent to HackerOne’s platform since January.
Additionally, the amount of money being paid in blockchain bounties has also increased by more than 500 percent, now up to $600,000 as of August 2018, compared to $90,000 in all of 2017. After its turbulent mainnet launch, EOS is currently the clear leader in total bug bounty payouts. Other notable bounty rewards payments have been made by Coinbase, Blockchain and online predictions platform Augur, who have paid out $281,000, $13,950 and $9,700 respectively.
Bug bounty programs run by blockchain companies like EOS will likely serve a crucial role in developing cryptocurrency security. Hundreds of millions of dollars have been stolen in 2018, and the risk of cyber-crime is one of the greatest impediments to cryptocurrency gaining greater mainstream adoption.
HackerOne CEO Martin Mickos recently told Hard Fork, “For cryptocurrency and more broadly blockchain technologies and companies to grow and prosper, on-going security vetting by independent hackers is a must … With a large community of hackers looking for security vulnerabilities, there is a real chance of finding and fixing the weaknesses in time.”