The recent spake of security hacks on popular exchanges and exploitation of smart contract vulnerabilities has become a worrisome development for the emergent blockchain industry. With the industry gaining increased recognition and adoption from mainstream industries, the blockchain industry is on the cusp of becoming the most important driver for the ongoing, fourth industrial revolution. However, this potential is being threatened by all the security breaches and vulnerabilities dogging smart contracts.

Buglab: The Cybersecurity Solution

In a bid to finally curb these threats, Buglab, a cybersecurity solutions startup, has announced a one-of-a-kind penetration testing contest for cybersecurity researchers. Offering a prize pool of $2,000,000 worth of BGL tokens, researchers and crypto community members are being invited to conduct a penetration test of its platform. Buglab will be making its beta platform accessible to all contestants and exchange platforms. Cryptocurrency exchanges have become the prime target of malicious actors in the industry, seeking to exploit any vulnerability for their own nefarious gains.

“Cryptocurrency exchanges should be concerned about securing the funds of their traders, as these funds equate to billions of dollars”, says Buglab CEO Reda Cherqaoui. “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 CEO also highlighted the accessibility of hacking tools and increased hacking prowess as a challenge security professionals have to raise to in order to secure their products.

Securing the Future

Buglab penetration testing service and contest announcement comes two weeks after the industry was rocked by hacking attempts on two of the largest South Korean exchanges, resulting in a combined loss of over $70 Million, in various cryptocurrencies. The hack sent shockwaves throughout the industry, resulting in loss of market confidence despite reassurances of full reimbursement.

Buglab is offering exchanges who choose to run a launchpad or promote the platform’s token sale in any way, penetration testing services that will critically and thoroughly stress-test and sound out their infrastructures for potential threats and vulnerabilities. Participating exchanges will also afford the opportunity of receiving $20,000 from Buglab’s enterprise plan, including a $10,000 top three prize for contest winners and a special $10,000 award for critical vulnerability not discovered by the winners. Buglab is prepared for an eventuality where no vulnerability is found and will offer the exchange a 50% allocation of the prize pool ($10,000) in BGL tokens. BGL tokens will enable the exchange to try out the future features of the platform.

Buglab community of certified cybersecurity experts, handpicked from a pool of talented professionals will oversee the contest and contestants’ findings, providing complete reports and drawing up preventative strategies for all vulnerabilities discovered.

Buglab is pleased to invite all interested crypto exchanges to join this initiative at [email protected]

Built for the Future

Buglab is an Ethereum-based platform anchored by two proprietary protocols; buglab contest and Vigilante Protocol. These protocols have been designed to assist blockchain-based companies and cryptocurrencies exchange to find, address, and deploy solutions for vulnerabilities across a wide range of apps and platforms including web apps, mobile apps, IoT devices, smart contracts, and others. The decentralized ecosystem has been specifically designed to connect organizations with cybersecurity experts and resources to secure their solutions.

Conceived by veteran cybersecurity engineer, Reda Cherqaoui, Buglab has set its sights on eliminating the security vulnerabilities threatening blockchain adoption through a platform that incentivizes and rewards penetration testers for their contributions in uncovering and fixing these problems. Having worked with leading tech companies – including Facebook, Hotmail, eBay, and Yahoo – Reda (who has been in the cybersecurity scene since 16) and his team of industry experts are now set to secure the development of solutions on the blockchain through Buglab.

Learn more about Buglab here –

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Image Courtesy: Buglab
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