The latest spate of cyber-attacks appeared to have shaken the security outlook of crypto exchanges and blockchain networks, as the Cardano Foundation now invites hackers to participate in a massive hackathon.
Cardano’s flaws are being revealed.
The foundation announced on Thursday that it had partnered with HackerOne, a global hacker community with physical presences in London, New York City, Singapore, and the Netherlands, describing it as “perhaps the most prominent hacker-powered security partner globally,” with the goal of testing for any performance bugs that could present critical vulnerabilities.
Hackers who uncover vulnerabilities and report them before they cause major damage will be rewarded with an undefined prize.
In announcing the cooperation with the Cardano Foundation, HackerOne’s Account Manager Tor Abrams stated that his team was constantly testing, detecting, and safely reporting real-world security flaws for enterprises across various industries and attack surfaces.
“No organization is immune to security flaws. The only answer is to identify and repair them before they are used by cybercriminals. “By thinking imaginatively and identifying spots where defects could be ‘chained’ together to offer an exploit, ethical hackers can locate vulnerabilities that automated scanners miss,” he said.
HackerOne, which provides organizations with access to the world’s largest community of hackers, has carved out a niche for itself as a renowned bug detection and prevention organization of ethical hackers with an appealing track record of assisting in the resolution of software mysteries in organizations such as Goldman Sachs, the United States Department of Defense, and Dropbox, among others.
Cardano’s project manager, Jeremy Firster, praised the collaboration, stating that it will help Cardano become the most stress-tested and meticulously maintained blockchain, as well as a clear indication to stakeholders of the importance they placed on security and public safety.
Cyber attacks are becoming more common.
This strategic alliance follows a list of exchanges and blockchain networks like as Poly Network, Binance Smart Chain, Bitfinex, and KuCoin. Among others, companies have been hacked, resulting in the loss of billions of dollars in consumer assets or network failures. Development teams are becoming aware of this risk, encouraging hacker communities to attempt breaking into their systems in order to identify gaps that could result in the imminent loss of client assets or funds for benefits.
According to statistics, roughly 76 percent of hackers are motivated by bounties, 85 percent are doing it to study and extend their expertise, and 62 percent are doing it to advance their careers. Only a small percentage, perhaps 47 percent, are true white hat attackers attempting to penetrate systems in order to uncover vulnerabilities and protect networks against cyber attacks.