Following the news that Japanese cryptocurrency exchange Zaif has been attacked by cybercriminals and had $60 million stolen, Cody Brocious, Hacker Education Lead, at HackerOne, comments below on why blockchain is so hackable and provides stats on bug bounty program uptake with the blockchain and cryptocurrency industry.
Cody Brocious, Hacker Education Lead at HackerOne:
“While the traditional finance space doesn’t have a perfect security track-record, they have many years of battle hardening behind them. Security is paramount for companies in the cryptocurrency space, perhaps more than any other sector. This is especially true when you consider that many of these new companies are unable to continue operations after being hacked. Due to the severity of the intrusions and loss of customer trust, they never have a chance to build institutional knowledge needed to fend off future attacks. Sometimes the best defense is a history of documented offense which developers can learn from.“