SYS-CON MEDIA Authors: Pat Romanski, Gary Arora, Zakia Bouachraoui, Yeshim Deniz, Liz McMillan

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BANKEX Welcomes Hacks to Its Custody Service With Reward of $15K

NEW YORK, October 11, 2018 /PRNewswire/ --

Every member of the BANKEX team believes not only that BANKEX Custody is the most convenient bank-like cryptocurrency storage system solution, but that it is also the most secure one. To make this evident and to ensure that users are completely safe while using the service, BANKEX has launched a Custody bug bounty to incentivize hackers to expose weak spots BANKEX can then fix. BANKEX will reward hackers up to $15,000. 

After reading news about crypto heists, having value stored in crypto might seem to be a nightmare. It seems like a pain to keep private keys safe, hiding them from thieves and hackers. Sometimes it seems that the best way to hold onto account info is to memorize the long public and private keys. But what if users forget them? All these questions can make crypto holders crazy. However, BANKEX promises to solve these problems and even give users a client service as a bonus.

In light of this dilemma, BANKEX Custody has Know Your Customer (KYC) features, wherein customers will have to provide identifying information just as they would at a bank. This empowers an account restore. That means that, should crypto holders ever forget their private keys or passwords, or if they damage their PCs, they won't automatically lose their funds, so they don't need to memorize cryptographic credentials or write them down.

Importantly, BANKEX implements all this convenience while still providing unparalleled security. The Custody database cannot be accessed or read by a human - everything is encrypted and handled within a machine environment. The server is removed from human interference and only BANKEX's automated modules can access it. In addition, in Custody, to hack a wallet, one needs to hack a whole series of nested keys kept in a Hardware Security Module (HSM).

But how can I trust this third party? 

In a few words, BANKEX tests everything and makes sure all bases are covered. BANKEX Custody Service is the first secure, bank-like cryptocurrency storage system that has no minimum deposit limit and offers complete protection from the three main threats to safe storage - human factors, physical damage, and online attackers. Even though BANKEX is confident in its products and tech, the company always makes sure that this confidence is well-founded. So, while the team has tested Custody Service backwards and forwards, BANKEX wants hackers to now try to find its weak spots before the crypto depository goes into production.

So what's in it for a hacker? Well, if a hacker finds a bug of low severity, say one that leads to the leakage of an email address, then we're ready to pay the enterprising hacker between $50 and $75. If something more severe is found, say an issue that leads to user de-anonymization, then the award increases to between $500 and $750.

But here's where the exciting rewards start. If a significantly severe bug is found, such as a hole that allows for a bad actor to escalate his or her privileges to then get unauthorized access to funds or sensitive data, BANKEX is ready to offer $5,000 to $7,500 to the finder. Finally, if a crucially severe bug is found, for example a bug that lets a hacker execute code remotely or lets the hacker arbitrarily manipulate account balances, then BANKEX is ready to give out its biggest reward: from $10,000 to $15,000.

We here at BANKEX believe in security, but more than that, we believe in ensuring this security is bulletproof. We will be thankful to all the security researchers who will work hard to find and report vulnerabilities in BANKEX Custody.

If you're interested in helping BANKEX Custody stay the most trusted place to store crypto assets (or interested in getting a reward), then take a look at our bug bounty program.

BANKEX Head of PR Maria Zvyagintseva, e-mail: [email protected], +1-908-377-8381

SOURCE BANKEX

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