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- Aurora offers a $2 Million bug bounty to a couple of hackers for identifying loopholes.
- Aurora is an Etheruam bridging solution for NEAR protocol.
- Bug bounty programs can effectively eliminate bad actors from the game.
Bug Bounty Programs Can Kick-out Bad Actors
As the world is going digital, cyber attacks have become more common globally. Developers are required to constantly monitor ecosystems to understand the vulnerabilities and fix them. Bug bounty programs remain one of the most effective ways to deal with such issues. Recently, an Ethereum-based bridging solution, Aurora, offered a $2 Million bug bounty to a couple of hackers.
Both the hackers will get an equal amount disbursed linearly during the 1 year span. The attackers found some vital loopholes on the bridging solution. During March 2022, Ethereum-based Ronin Bridge built for Axie Infinity was hacked, making it the second highest crypto heist in history.
These programs help in identifying the major vulnerabilities posing as a vital issue for any network. One of the core benefits remains the elimination of time consuming processes like penetration testing. Users are required to go through a long approach from its preparation to the execution.
According to a 2019 report, three out of four Americans got hit by some sort of cyber hack. And 93% of those attacks were so easy, the attacker got it within a matter of minutes. Cyber hacks can inflict some serious financial damage, but this is not it. These criminals hold different agendas in mind.
One of the famous hacks remains the SolarWinds Cyber Attack. The malicious group entered the system to exploit US government websites. The actors started the event during 2019, but came to light during 2020. Another event includes Microsoft Exchange Attack reported during January 2021. The cybercriminals compromised 30,000 Microsoft servers globally and 250,000 globally.
Another interesting event remains the Florida Water Supply hack. The attacker got control of State’s water supply and increased the amount of lye — utilized for water treatment, but higher levels can be hazardous — in the plant.
Bug bounty programs can help organizations to create robust security for the network. As the tech sector is booming, so are the number of actors around the globe. It is better for the companies to take the bull by the horns before it is too late.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
