Cardano launches a bug bounty program on its way to becoming the most stress-tested and meticulously maintained blockchain.

The latest spate of cyber-attacks appears to have shaken the security outlook of crypto exchanges and blockchain networks, as the Cardano Foundation now invites hackers to participate in a massive hackathon.


Identifying Cardano's flaws

The foundation announced on Thursday that it had partnered with HackerOne, a global hacker community with physical locations in London, New York City, Singapore, and the Netherlands, describing it as "perhaps the most prominent hacker-powered security partner globally" with the goal of using ethical hackers to test for any performance bugs that could pose critical vulnerabilities.

Hackers who uncover vulnerabilities and report them before they do major harm will receive an undefined reward.

HackerOne's Account Manager Tor Abrams confirmed the relationship with the Cardano Foundation, saying that his team was constantly testing, discovering, and safely reporting real-world security vulnerabilities for enterprises across various industries and attack surfaces.

“Security flaws affect every organization. The only way to prevent hackers from exploiting them is to uncover and repair them before they are exploited. By thinking imaginatively and identifying spots where defects could be 'chained' together to create an attack, ethical hackers can locate vulnerabilities that automated scanners miss,” he claimed.

HackerOne, which provides organizations with access to the world's largest community of hackers, has carved out a niche for itself as a renowned bug detection and prevention organization of ethical hackers with an impressive track record of assisting organizations such as Goldman Sachs, the United States Department of Defense, and Dropbox in solving software mysteries.

Jeremy Firster, Cardano's project manager, praised the agreement, saying it will help Cardano become the most stress-tested and meticulously maintained blockchain, and that it was a clear indication to stakeholders of the importance they placed on security and public safety.

The number of cyber-attacks is increasing.

This strategic alliance comes after a number of exchanges and blockchain networks, including Poly Network, Binance Smart Chain, Bitfinex, and KuCoin, among others, have been hacked, resulting in the loss of billions of dollars in customer assets or network outages. Development teams are increasingly aware of the threat, encouraging hacker communities to try to break into their systems in order to find gaps that could result in the loss of client assets or revenue for benefits.

According to statistics, 76 percent of hackers are motivated by bounties, 85 percent do it to study and increase their knowledge, and 62 percent do it to advance their careers. Only around 47% of the attackers are true white hats, attempting to penetrate systems in order to uncover flaws and protect networks against cyber attacks.

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