Owing to its digital nature, the cryptocurrency ecosystem has been riddled with bugs that have proven detrimental to the cryptosphere. From exchanges to wallets, almost all elements of the cryptoverse are prone to attacks and security vulnerabilities. Bug bounty programs have played a major role in cutting down losses and tracing major security loopholes, before they are taken advantage of.
According to latest reports, ethical hackers ‘earned’ almost $32,000 in seven weeks by fixing bugs on Tron, Brave, EOS, Coinbase, and more, via bug bounty programs. Between March 28 and May 16, almost 15 blockchain ventures paid rewards to security researchers for finding vulnerabilities. According to Hard Fork, the highest bugs were reported from OmiseGo, the cryptocurrency of the software firm, Omise. Bug bounty hunters found six bugs on the platform, according to a report released by the firm.
Augur and Brave software, makers of the Brave browser, also made the list. In terms of number of bugs uncovered, both brands had a score of three each. Tron, Monero, Cobinhood, Chainlink, Electroneum, and MyEtherWallet had two bugs each. Further, Aeternity, Block.one, Blockchain.com, blockimo, blockstack, and Coinbase reported one bug each.
Hacker rewards are decided based on how serious the detected bug is, and the importance of the security flaw. Omise gave away a maximum of $100 to bug bounty hunters for the six vulnerabilities detected, whereas others were of a higher value.
Aeternity and Block.one, a firm based on the EOS blockchain, paid a reward of $10,000 for a single fix each. Tron paid a sum of $3,100 to a hacker for detecting a very crucial flaw in the system, a flaw which could have resulted in the Tron network being bricked to a certain extent.
In the past, a total of $11.7 million was paid to hackers for detecting bugs in 2017. According to a recent report by HackerOne, they paid a sum of $23 million to 166,000 hackers for detecting close to 72,000 susceptibilities.
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ErisX goes all hands on deck to launch a Bitcoin Futures market
ErisX’s CSO, Matt Trudeau, detailed the company’s four important plans for the future, which includes launching a spot market, to secure a Bit License, DCO, and to launch a futures market.
ErisX currently has a DCM contract, which is a Derivative Contract Market that allows ErisX to run a CFTC-regulated futures exchange. However, ErisX aims to get a DCO [Derivatives Organization], which will effectively allow it to run a CFTC-regulated clearinghouse. A clearinghouse would mean that ErisX can take control of the custody of the assets and clear and settled trades.
The CSO explained the benefit of this, stating,
“There is some efficiency for firms like producers [like mining companies]; if they need to hedge their inventory or need liquidity on a spot market, they could do that conveniently on a single platform. “
Trudeau added that from the “post-trade standpoint” and “the collateral management standpoint,” ErisX would have cash, crypto, and the futures, all stored in their clearinghouse. This would boost efficiency since it would be available for all customers under a single platform. The CSO added,
“… so there is some efficiency in terms of managing collateral, if you don’t have assets on multiple platforms, it can all be in our clearinghouse.”
Apart from the aforementioned plans, Trudeau added that the crypto-industry needs to mature more and that ErisX plans to make a significant contribution to that. He added,
“The market is professionalizing and we think that in terms of what institutions are expecting from a trading/custody experience, we will bring some of the solutions to the market and that’s really the foundational pieces that they are looking in order to build their businesses on top of us.”
Apart from ErisX, LedgerX has also received a go-sign from the CFTC to settle Bitcoin Futures in Bitcoins. Other exchanges include Intercontinental Exchange’s Bakkt and Seed CX.
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