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Charles Hoskinson announces $1M bounty for Lace paper wallet

Charles Hoskinson announces $1M bounty for Lace paper wallet

GrafaGrafa2024/08/19 06:45
By:Mahathir Bayena

Cardano's (CRYPTO:ADA) founder, Charles Hoskinson, has issued a bold challenge to the ADA community by offering a $1 million bounty for anyone who can successfully hack the newly launched Lace Paper Wallet.

Announced during the Rare Evo 2024 event, this initiative underscores Hoskinson's confidence in the wallet's advanced security features, designed to guard against potential threats such as replay attacks.

The challenge is open until the end of 2024 or until a successful hack occurs, with participants required to adhere to specific guidelines to claim the reward.

The Lace Paper Wallet, developed within the Cardano blockchain ecosystem, is being touted as one of the most secure paper wallets in the cryptocurrency industry.

It integrates advanced encryption and a user-friendly interface, allowing users to restore access to their funds using a single encrypted QR code.

The wallet aims to simplify security while ensuring robust protection, requiring physical possession of the QR code for access.

Hoskinson emphasised the significance of this security feature, describing the Lace Paper Wallet as potentially the most secure paper wallet ever created in the cryptocurrency space.

He invited tech enthusiasts and developers to test their skills by attempting to breach the wallet's security, contributing to the platform's ongoing efforts to enhance its security measures.

To participate in the challenge, individuals must download the Lace Paper Wallet PDF and utilise the PGP encrypted recovery QR code to begin their hacking attempt.

However, claiming the $1 million bounty comes with strict conditions, including completing a KYC process and exclusively disclosing any exploited vulnerabilities to Input Output Global (IOG), the company behind Cardano.

Social engineering tactics are explicitly prohibited, ensuring that only legitimate security breaches are eligible for the reward.

This initiative highlights Cardano's commitment to security and innovation, with Hoskinson’s challenge serving as both a test of the Lace Paper Wallet's robustness and an opportunity for the community to engage in securing the platform.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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