Atomic Wallet, a cryptocurrency wallet software developer, has announced the launch of a bug bounty program offering up to $100,000 in rewards to white hat hackers and security researchers who can uncover critical security vulnerabilities in the wallet’s codebase.
This bug bounty initiative comes on the heels of a June cyberattack that resulted in over $100 million being drained from Atomic Wallet users’ accounts. The company is also currently facing a class action lawsuit from victims seeking damages related to the exploit.
Through the bug bounty program, Atomic Wallet hopes to improve the security and safety of its wallet software. The company is offering the top $100,000 bounty for vulnerabilities that could enable bad actors to remotely attack and drain user wallets without requiring physical access or social engineering. This would suggest flaws in Atomic Wallet’s actual code libraries. For less severe but still important vulnerabilities, Atomic Wallet is offering tiered rewards from $500 to $10,000 based on severity assessments like “high-risk” and “critical risk.”
The total bug bounty pool Atomic Wallet has committed amounts to $1 million, intended to incentivize participation from white hat hackers and security researchers globally. According to a statement from Atomic Wallet’s founder Konstantin Gladych, the bug bounty launch reflects their view that cybersecurity requires constant vigilance and tapping into the expertise of the ethical hacker community. Gladych expressed confidence the program would aid Atomic Wallet’s core mission of providing users with a secure and seamless cryptocurrency wallet experience.
The company still maintains that June’s attacks, which spurred over $100 million in losses across thousands of victims, impacted a small subset of its total user base. Atomic Wallet also claims exploits may have been facilitated by viruses, malware, infrastructure intrusions, or man-in-the-middle attacks rather than vulnerabilities in their software code itself.
Nonetheless, the firm seems to have acknowledged the need to undertake expanded security efforts – hence the major bug bounty initiative now underway.
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