$1M Bug Bounty Launched by Atomic Wallet Amid Hacking Lawsuit

Atomic Wallet Launches $1 Million Bug Bounty

In an effort to bolster its security, the developer of Atomic Wallet has announced a $1 million bug bounty program to identify vulnerabilities in its open-source code. The initiative comes in the midst of a class action lawsuit related to a $100 million hack in June.

The bug bounty is open to ethical hackers and security experts around the world. Those who discover the most serious type of vulnerability, which would allow attackers to drain a wallet without physical access, malware, or social engineering, will be rewarded with $100,000. Other bug findings, such as high-risk and critical-risk vulnerabilities, are eligible for rewards from $500 to $10,000.

Atomic Wallet founder Konstantin Gladych hopes that the bug bounty program will help to ensure the wallet’s security going forward. He stated that the initiative will help to “learn web 3.0 development, web 3.0 blockchain technology, and web 3.0 blockchain projects 2021 and 2022, as well as provide insights into web 1.0, 2.0, and 3.0 definitions, and the implications of web 3.0 blockchain and social media web 3.0 for cybersecurity and AI.

In June, Elliptic, a blockchain analytics platform, reported that more than $100 million worth of crypto had been stolen from Atomic Wallet users due to a hacker attack. In August, victims of the attack initiated a class action against Atomic Wallet, seeking compensation for the incident. The developer has attempted to dismiss a similar case filed in Colorado, claiming that it has no connection to the United States.

Atomic Wallet has acknowledged that some customers have reported losing funds due to a hacker attack. According to the company, the attack only affected 0.1% of users and could have been caused by a virus on user devices, an infrastructure breach, a man-in-the-middle attack, or malware code injection.

As the world moves towards Web 3.0, cybersecurity and blockchain projects have become more important than ever. Companies must ensure that their systems are secure and up to date with the latest web 3.0 blockchain technology. Those looking to learn more about web 3.0 development can explore the various options available and get a better understanding of the technology.