A cryptocurrency exchange from Brazil is paying white hat hackers to test their security by hacking and help them deliver a better service every day.
Paying to hackers
BitcoinTrade, the second largest cryptocurrency exchange in Brazil, announced a partnership with BugHunt to create a program that encourages hackers to find bugs on its platform and report them in exchange for money.
The idea has two main goals. On the one hand, it aims to improve the quality standards of BitcoinTrade. On the other hand, it expects to introduce the white hat hacking scene, which are hackers who use their abilities for legal purposes.
Brazil’s major data leaks cause a lot of public alarm
BitcoinTrade’s decision came in the wake of recent alarming news for Brazil’s cybersecurity industry. Private data of 102 million Brazilians were leaked last week. Even worse, these databases are already auctioned on the dark web. This data leak occurred after an anonymous hacker attacked Brazil’s largest mobile service operators.
Because of how important the issue is, Brazil’s estimated total population is around 211 million. Even President Jair Bolsonaro’s private data is in the leak.
Please, hackle me!
Concerns about potential security breaches are concentrated in the world of cryptocurrency trading, where transactions are irreversible, and users know that in the event of a hack, it is sometimes almost impossible to obtain compensation for damages. While crypto-related crimes are becoming less relevant, the risk is always there.
BitcoinTrade wants to minimize the chance of any attack so that its customers can trade with peace of mind and maintain their trust. Created with BugHunt, the program will pay an average of R $ 10,000 ($ 1850) per defect found. Amounts will increase depending on the severity of the error.
Recently, BitcoinTrade was acquired by Ripio, one of Latin America’s largest cryptocurrency trading platforms. Ripio’s quality standards are very high, especially considering it has a more global projection that serves customers in many countries from Mexico to Argentina.