💰 Zengo Wallet Offers 10 Bitcoin Bug Bounty: Can You Crack It? 💰

Zengo Wallet employs an MPC network and 3-factor authentication to safeguard accounts.

A wallet developer is daring hackers to try and steal $430K worth of BTC by offering an ‘on-chain bounty’.

Introduction

In a bold move that could revolutionize bug bounty programs, Zengo Wallet is putting its money where its mouth is. Instead of the traditional approach of paying white hat hackers to find vulnerabilities, Zengo is offering 10 Bitcoin (worth over $430,000) to anyone who can drain their developer-controlled account. That’s right, if you can crack it, you get to keep the loot!

The Challenge

The bug bounty will be open for 15 days, starting from January 9th through January 24th. The account’s address will be revealed on January 9th, and it will contain 1 BTC (approximately $43,000). On January 14th, Zengo will add an additional 4 BTC ($172,000) to the account and provide one of the “security factors.” Then, on January 21st, they will add another 5 BTC ($215,000) and reveal the second security factor. If anyone can crack the wallet before 4 pm UTC on January 24th, they get to keep the full 10 BTC.

🔍 Here’s an image of the Zengo Wallet interface:

Zengo Wallet interface

Zengo’s Unique Approach to Wallet Security

Zengo Wallet claims to have “no seed phrase vulnerability,” setting it apart from other wallets in the market. When users create an account, they are not asked to save seed words, and the wallet doesn’t store a key vault file either.

The wallet relies on a multi-party computation (MPC) network to sign transactions. Instead of generating a private key, Zengo creates two separate “secret shares.” The first share is stored on the user’s mobile device, and the second is stored on the MPC network. This distributed approach adds an extra layer of security.

To recover their share, users must have access to an encrypted backup file on their Google or Apple account, the email address used to create the wallet, and undergo a face scan on their mobile device. This three-factor authentication method ensures that only the rightful owner can access their funds.

But what happens if the MPC network’s servers go offline? Zengo has prepared for that scenario too. They’ve entrusted a third-party law firm with a “master decryption key.” If the servers go down, the law firm will publish the key on a GitHub repo, allowing users to recover their share and regain access to their funds.

Q&A: Addressing Extra Topics of Interest

Q: How does multipart computation (MPC) work?

A: MPC enables multiple parties to jointly compute a function without revealing their individual inputs. In the case of Zengo Wallet, it ensures that no single entity has access to the complete private key, enhancing security.

Q: Are hardware wallets still a reliable option?

A: While hardware wallets have traditionally been considered a secure option, Zengo’s bug bounty challenge sparks an interesting debate. It highlights the security benefits of MPC wallets over traditional hardware alternatives, encouraging a lively discussion within the crypto community.

An Urgent Need for Enhanced Wallet Security

The recent breaches and losses suffered by crypto users have underscored the importance of wallet security. For example, a breach of Atomic Wallet led to over $100 million in losses, and users of the Libbitcoin Explorer wallet library reported $900,000 in losses from hacks in 2023.

In response to these concerns, Zengo Wallet is not only putting their wallet to the test but also aims to foster discussions around MPC technology. By showcasing the advantages of MPC wallets, they hope to drive innovation and improve security standards across the industry.

Future Outlook: The Rise of MPC Wallets

As the crypto space evolves, we can expect a shift towards more secure wallet solutions like MPC wallets. The decentralized nature of MPC offers enhanced protection against individual points of failure and establishes a new standard for crypto security.

Investors and users alike should keep a keen eye on this trend. While individual wallets like Zengo are taking the lead in innovation, we can anticipate larger players adopting MPC technology as part of their security offerings in the near future.

Conclusion

Zengo Wallet’s bug bounty challenge is not only a unique approach to wallet security but also a bold statement about the future of crypto storage. By putting 10 Bitcoin on the line, Zengo is not only incentivizing hackers but also encouraging industry-wide discussions on MPC technology and the importance of wallet security.

🔗 For more information on the topic, check out these links: 1. Bitcoin (BTC) Price Pumps Towards $45,000 as Reporter Claims SEC to Approve Multiple BTC ETF Applications – News Expected Soon Tomorrow 2. CryptoZoo Investors Offered Refunds a Year After Promised Land 3. India’s Multi-Billion GainBitcoin Ponzi Scam Investigation Intensifies 4. Vitalik Buterin Blames Rising Transaction Fees on Web3’s Drift from Decentralization 5. Visa Unveils Web3 Loyalty Program 6. Bitcoin Price Could Hit $1,000,000 by 2029, Says Perianne Boring

📢 What are your thoughts on Zengo Wallet’s bug bounty challenge? Do you think MPC wallets will become the standard in the future? Let us know in the comments below and don’t forget to share this exciting news with your friends on social media! 💪💰✨

We will continue to update Phone&Auto; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

News

SumUp’s Global Expansion Plans: Investing Like a Boss 💼💸

Financial technology company SumUp raised $307 million in their recent round of funding, allowing them to expand thei...

News

CACEIS Bank has obtained a French DASP license for crypto custody services.

CACEIS bank has acquired a DASP (Digital Asset Service Provider) license which permits them to provide cryptocurrency...

DeFi

Avara: Seeing More Than You See in the World of Digital Assets

Aave Companies rebrands to Avara to appeal to a broader Web3 audience.

Bitcoin

Bitfinex Holds Bitcoin on Balance Sheet

Bitfinex not only holds Bitcoins on its balance sheet but also actively supports Bitcoin Layer 2 networks, including ...

Bitcoin

🚀 Spot BTC ETFs Break Records in Daily Trading Volume 🚀

Bitcoin ETFs have achieved an impressive milestone, with record-breaking trading volume of $7.69 billion. This has ha...

Market

Apple stock briefly rises amid rumors of internal AI chatbot to rival ChatGPT

It has been reported that a limited number of employees have been granted access to the innovative Apple AI chatbot, ...