Zengo Wallet developers have initiated a challenge for hackers to hack a crypto wallet containing 10 BTC (~$440,000 at the time of writing).
📣 Announcing the #ZengoWalletChallenge:
Hack Zengo, win 10 #Bitcoin ($420,000+ USD)
This is the largest on-chain bounty ever by a self-custodial #crypto wallet!
15 Days. Begins January 9th. Up to $750 in #BTC awards for trying.
Come & get it.
Details (1/5) ⬇️ pic.twitter.com/UK91bGn5YR
— Zengo Wallet (@ZenGo) January 7, 2024
The competition will run for 15 days, starting on January 9, when the target account address will be revealed. Initially, the wallet will contain 1 BTC.
On January 14, Zengo will add 4 BTC (~$176,000) and name one of the “security factors” used for protection.
On January 21, the team will increase the prize pool by another 5 BTC (~$220,000). The second “safety factor” will be opened on the same day. In total, the wallet uses three levels of protection.
After this, the hackers will have until January 24, 18:00 Kyiv (19:00 Moscow time). The user who hacks the address will be able to keep the funds for himself.
Zengo claims that its wallet “does not contain a seed vulnerability” and does not store keystore files. In this case, when creating an address, users do not need to copy the original words.
According to website,Zengo Wallet uses multi-party computing (MPC) technology to sign ,transactions. Instead of generating a private key, the wallet creates two separate “secret folders”. The first is stored on the user's mobile device, the second is stored in the MPC.
The wallet uses three-factor authentication as an additional layer of security.
In March 2023, Verichains experts reported a new vulnerability in wallets using the MPC protocol. According to them, the critical error is in the circuit threshold signaturewhich potentially allows attackers to obtain the private key.
Source: Cryptocurrency
I am an experienced journalist and writer with a career in the news industry. My focus is on covering Top News stories for World Stock Market, where I provide comprehensive analysis and commentary on markets around the world. I have expertise in writing both long-form articles and shorter pieces that deliver timely, relevant updates to readers.
