Home / Blog / Security firm GK8 offers up to $250K in bitcoin if someone hacks its cold wallet

Security firm GK8 offers up to $250K in bitcoin if someone hacks its cold wallet

Security firm GK8 offers up to $250Okay in bitcoin if someone hacks its cold wallet

Israel-based cybersecurity startup GK8 is providing a bounty of up to $250,000 in bitcoin if someone is in a position to hack its cryptocurrency cold wallet.

The 24-hour bounty program begins February three, at 9:00 a.m. EST, in accordance to a press release shared with The Block on Monday. GK8’s cold wallet will maintain roughly $125,000 value of bitcoin and the primary individual to efficiently hack into it is going to obtain that quantity plus a further reward of up to $125,000.

The complete quantity of up to $250,000 is value up to about 28 bitcoins (at present costs). Israel-based GK8 claims that the cold wallet is “totally unhackable” due to its digital asset administration course of happening with out the necessity for a Web connection. 

“We dare the hackers of the world to take a stab at cracking it, but they won’t be able to,” mentioned Lior Lamesh, co-founder and CEO of GK8, who has beforehand labored as a cybersecurity professional for The Office of the Prime Minister of Israel.

GK8 raised $four million in a seed funding spherical final September to construct its cold wallet with “hot” wallet functionalities. The firm says its purchasers handle greater than $1 billion in cryptocurrencies for purchasers, together with eToro.

Update: This report has been up to date and clarified with extra info from GK8. 

About Agent

Check Also

New Details on KuCoin’s Legal Troubles in Singapore

New Details on KuCoin’s Legal Troubles in Singapore Last week, Cointelegraph reported that KuCoin’s major …

Leave a Reply

Your email address will not be published. Required fields are marked *