Atomic Wallet Launches $1 Million Bug Bounty Program

The post Atomic Wallet Launches $1 Million Bug Bounty Program appeared first on Coinpedia Fintech News

Atomic Wallet, a leading decentralized wallet firm, has announced an ambitious $1 million bug bounty program. This initiative, aimed at strengthening the platform’s security, invites ethical hackers and industry experts to uncover potential vulnerabilities.

The program’s structure, detailed in a December 18 blog post, varies the rewards based on the severity of the security threats identified. Rewards range from $500 for low-risk issues to $10,000 for critical-risk vulnerabilities. A special reward of $100,000 is reserved for those discovering flaws that could lead to significant attacks or unauthorized wallet drainage.

Konstantin Gladych, the founder of Atomic Wallet, emphasized the critical nature of cybersecurity in the blockchain industry and the importance of community involvement in maintaining robust security standards.

Interestingly, the company’s blog post did not mention the major security breach in June, which reportedly resulted in the theft of around $100 million in user funds. This breach affected a small portion of Atomic Wallet’s user base, with potential causes ranging from user-side viruses to more complex infrastructure breaches.

Legal Challenges and Ongoing Disputes

Atomic Wallet is currently facing a class-action lawsuit following the June hack. Plaintiffs allege that the company was aware of security vulnerabilities but did not take sufficient protective measures. Amidst these legal challenges, the company has filed a motion to dismiss the lawsuit, highlighting its noncustodial wallet operations and terms of service that limit liability for investor losses.

Launching the bug bounty program is a proactive step by Atomic Wallet toward fortifying its security measures. As the cryptocurrency industry grapples with cybersecurity challenges, initiatives like these play a vital role in addressing these issues and restoring user trust.