Blockchain firm BANKEX announced a “formal” invitation to online hackers for its crypto custody platform, wherein it will award every successful hack, depending on the severity, for up for $15,000.
To be specific, the firm wants hackers to report bugs or serious vulnerabilities in BANKEX Custody Service, its crypto custody platform, according to an announcement on October 11.
The said activity will be officially opened on October 15, and will last for six entire months, with the conclusion on April 15, 2019. For the entire period of the event, BANKEX urges hackers to file a text report via Google Docs or make a video report and upload it on YouTube. However, they must keep the report private and accessible only via a link. Once they have accomplished so, they can send the link to BANKEX by clicking here.
BANKEX will assess the reports with complete regard to system criticality, bug severity, and report quality. These will be categorized into four severities: critical, high, medium, and low. The more severe the report, the higher the bounty that the hacker will receive, which ranges from $10,000 to $15,000.
As for duplicate reports, only the first one to file the report will be awarded a bounty.
Ensuring Unparalleled Safety
As stated in a separate announcement, BANKEX Custody Service has Know Your Customer (KYC) features which will allow users to supply identifying information just as they would a bank, instead of memorizing the nauseating hodgepodge of numbers and letters. This will make sure that they will retain access to their funds should they forget their cryptographic credentials or lose their written copy.
BANKEX said in the announcement:
Every member of the BANKEX team believes not only that BANKEX Custody is the most convenient bank-like cryptocurrency storage system solution, but that it is also the most secure one.
The firm continued, saying that one of the chief reasons why it launched the said hacking event is to ensure that prospective users will experience unparalleled safety while using the service, as well as to prove the security of its platform.
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