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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. 

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