Blockchain Start-Up Offers Tokens to Secure Crypto Exchanges in Cybersecurity Contests
Buglab, a cybersecurity solutions start-up has announced that it will be offering $2,000,000 in BGL tokens to cryptocurrency exchanges and cybersecurity researchers participating in the penetration testing contests of its platform. Buglab has decided to release a private beta version of its platform, following a spate of recent exchange hacks. Any exchanges who offer to run a launchpad, or promote the token sale in some way will be eligible to receive the penetration testing service to detect vulnerabilities and potential threats.
Through Buglab, a community of certified and hand selected cybersecurity researchers will summarize the contest, providing a report on the findings and draw a complete preventative strategy to prevent such issues in the future.
Every participating exchange will get the chance to receive $20,000 as a part of Buglab’s enterprise plan, including a $10,000 prize for the top three winners of the contest and $10,000 as a special reward (for example critical vulnerabilities not found by the winners). In addition to offering the contest, if no vulnerabilities are discovered, Buglab will offer 50% of the sum allocated to the exchange, ($10,000 in BGL tokens).
Buglab uses an Ethereum-based platform composed of two programs: the buglab contest and Vigilante Protocol, for helping companies and cryptocurrencies exchange worldwide to discover and fix vulnerabilities on their digital solutions and assets such as web apps, mobile apps, IoT devices, smart contracts, and others. In the Vigilante Protocol, the start-up works with CERTs to verify discoveries and notify companies at risk.
CEO Buglab, Reda Cherqaoui remarked: “Cryptocurrency exchanges should be concerned about securing the funds of their traders, as these funds equate to billions of dollars. With new exchanges launching every week and increasing danger of security breaches, we aim to provide the industry with a secure, cutting-edge service to help mitigate against these increasing risks.”
The Buglab penetration testing service and contest announcement come just two weeks after two large South Korean exchanges were hacked and lost an estimated combined total of over $70 million, in various cryptocurrencies. Exchange Conrail announced a ‘cyber intrusion’ on the 9th of June, with an estimated loss of $40 million, and 11 days later South Korea’s largest volume trading platform, Bithumb announced a security breach with a reported loss of $31 million.
Buglab will be running a token distribution event from the 30th of June, 2018, for a period of exactly 4 weeks. Individuals interested in participating in the token presale can do so by whitelisting on the official website. In total Buglab will create 425,000,000 BGL tokens, of which, 40% (170,000,000) will be allocated to the token distribution event. The BGL token sale price is locked at $0.15 for the duration of the token sale. It will be offering token sale participants a 25% token bonus for the duration of the presale.