Leading decentralized wallet company Atomic Wallet has announced an ambitious $1 million bug bounty program. The initiative, which aims to strengthen the security of the platform, invites ethical hackers and industry experts to identify potential vulnerabilities.
The structure of the program, detailed in a December 18 blog post, is that rewards vary depending on the severity of the security threat identified. Coverage ranges from $500 for low-risk issues to $10,000 for high-risk vulnerabilities. A special reward of $100,000 is reserved for those who discover flaws that could lead to serious attacks or unauthorized wallet leaks.
Konstantin Gladych, founder of Atomic Wallet, emphasized the importance of cybersecurity in the blockchain industry and the importance of community participation in maintaining strong security standards.
Interestingly, the company’s blog post did not mention the major security breach that occurred in June. This reportedly led to the theft of approximately $100 million in user funds. The breach affected a small portion of Atomic Wallet’s user base, with potential causes ranging from user-side viruses to more complex infrastructure breaches.
Legal Issues and Ongoing Disputes
Atomic Wallet is currently facing a class action lawsuit following a hacking incident in June. The plaintiffs claimed that the company was aware of the security vulnerability but did not take sufficient protective measures. Amid these legal challenges, the company filed a motion to dismiss the lawsuit, highlighting its non-custodial wallet operations and terms of service that limit its liability for investor losses.
Launching a bug bounty program is a proactive step by Atomic Wallet to strengthen its security measures. As the cryptocurrency industry grapples with cybersecurity issues, initiatives like this play an important role in addressing these issues and restoring user trust.