BANKEX has moved to strengthen the security of its BANKEX Custody storage system by leveraging hackers’ skills. The firm has launched a custody bug bounty that will reward hackers for exposing weak spots in their storage system.
Protecting BANKEX Custody
Hackers stand to earn as much as $15,000 USD on shedding light on weak spots that need immediate fixing. The bug bounty comes at a time of growing concerns over crypto-wallets’ ability to offer safe storage. A number of people have seen their holdings disappear in thin air. This comes as hot wallets continue to tout safe storage.
BANKEX is planning to change all this in a unique way. The BANKEX Custody service will require people to provide identification information. By enabling the Know Your Customer (KYC) features, the storage service is essentially moving to enable an account restoration feature.
For the longest time, misplacing or forgetting private keys meant people could not access their cryptocurrency holdings. The next thing to do after losing or misplacing private keys remains one of the biggest issues in most currency storage facilities.
With BANKEX Custody, forgetting or misplacing of private keys won’t necessarily mean the end of everything. The custody service will ensure people have access to their BANKEX Custody service while still enjoying unparalleled security.
In a bid to ensure total security in the account restoration process, encryption of the entire process is a must. The firm has removed the server from human interference which means only automated modules would be able to access accounts. Hacking of the Custody service would be impossible given the series of nested keys kept in a hardware security module.
Bug Bounty Reward
BANKEX Custody service bills itself as the first secure bank-like virtual currency storage system. The system strives to protect users from three main threats due to human factors, physical damages, as well as online attackers.
For that reason, BANKEX wants hackers to examine the system’s security system after completing tests. The primary goal is to uncover any weak spots before it goes into full production. Rewards for uncovering weak spots are spread evenly.
Consequently, a hacker who discovers weak links that cause users’ email addresses to leak, stands to earn between $50 and $75 USD. Those who discover bugs that may cause the user-de-anonymization will earn between $500 and $750 USD.
BANKEX will also pay between $5,000 and $7,500 USD on the discovery of a vulnerability which, if exploited, would lead to access to funds or sensitive data. Finally, a hefty reward of between $10,000 and $15,000 USD awaits those who discover a vulnerability that would let a hacker execute code remotely.
RISK DISCLOSURE
This article should not be taken as, and is not intended to provide, investment advice. Users are ultimately responsible for the investment decisions he/she/it makes based on this information. It is your responsibility to review, analyze and verify any content/information before relying on them. Trading is a highly risky activity. Do consult your financial adviser before making any decision. Please conduct your thorough research before investing in any cryptocurrency and read our full disclaimer.
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