Zengo Wallet will reveal a wallet address containing up to 10 BTC and will also disclose two out of three security factors used to create it.
The developer of Zengo Wallet is taking an unusual approach to offering a bug bounty. Instead of offering to pay white hat hackers to discover vulnerabilities, the company is placing 10 Bitcoin (BTC) (worth over $430,000 at current price) into a developer-controlled account. According to a Jan. 7 announcement, any hacker who manages to drain the Bitcoin will be allowed to keep it.
The bounty will be offered over a period of 15 days, beginning on Jan. 9 and continuing until the morning of Jan. 24. On Jan. 9, the account’s address will be revealed, and it will contain 1 BTC (approximately $43,000). On Jan. 14, Zengo will add an additional 4 BTC ($172,000) to the account and provide one of the “security factors” used to secure the account. On Jan. 21, the team will add another 5 BTC ($215,000), bringing the total amount held in the wallet to 10 BTC ($430,000). They will also reveal a second security factor at this time. The wallet uses three security factors in total.
After the second factor is revealed, hackers will have until 4 pm UTC on January 24 to crack the wallet. If anyone manages to crack the wallet during this time, they will be allowed to keep the 10 BTC.
