Atomic Wallet Unveils $1M Bug Bounty Amid $100M Hack Lawsuit

To fortify security, the developer of Atomic Wallet launched a $1 million bug bounty program. This announcement, made on December 18, comes against the backdrop of an ongoing class action lawsuit that the developer is facing in connection to a major $100 million hack that occurred in June.

The bug bounty invites global ethical hackers and security experts to scrutinize the wallet’s open-source code for potential vulnerabilities. White hat hackers finding critical vulnerabilities, enabling wallet exploitation without physical access, malware, or social engineering, can earn $100,000. The reward criteria depend on the internet attack ability, draining a wallet due to code or dependency flaws.

Hackers finding bugs outside the high-risk categories earn rewards from $500 to $10,000, based on vulnerability severity. The payment structure includes $5,000 for discovering a “high-risk” vulnerability and $10,000 for a “critical-risk” one. The total allocated bounty pool for all discoveries amounts to $1 million.

Founder of Atomic Wallet, Konstantin Gladych, sees the bug bounty program as a crucial step in fortifying the wallet’s security.

“Recent events in the blockchain industry have once again reminded us that cybersecurity is a dynamic field, and the best way to stay ahead is by harnessing the creativity and expertise of the global community.”

Gladych states

Post a June cyber attack, over $100M in cryptocurrency was stolen from Atomic Wallet users, prompting this initiative. As a proactive measure, the bug bounty program is designed to address past vulnerabilities and ensure the wallet’s ongoing security.

Atomic Wallet acknowledges that some users reported lost funds from the attack, affecting only 0.1% of its user base. The causes were attributed to various factors, such as viruses on user devices, infrastructure breaches, man-in-the-middle attacks, or malware code injections.