{"id":599531,"date":"2023-01-20T17:49:42","date_gmt":"2023-01-20T23:49:42","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/01\/20\/what-happened-to-the-250000-gk8-wallet-hackathon\/"},"modified":"2023-01-20T17:49:42","modified_gmt":"2023-01-20T23:49:42","slug":"what-happened-to-the-250000-gk8-wallet-hackathon","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/01\/20\/what-happened-to-the-250000-gk8-wallet-hackathon\/","title":{"rendered":"What Happened to the $250,000 GK8 Wallet Hackathon?"},"content":{"rendered":"<div id=\"page\">\n<div id=\"content_box\">\n<header>\n<div>\n<p><img loading=\"lazy\" alt src=\"https:\/\/secure.gravatar.com\/avatar\/41169a86822e6585e2f87627f7d7ef3a?s=32&#038;d=mm&#038;r=g\"  height=\"32\" width=\"32\" decoding=\"async\"><\/p>\n<p><span><span>By <a href=\"https:\/\/fullycrypto.com\/author\/mahu_bs\" title=\"Posts by Mark Hunter\" rel=\"author\">Mark Hunter<\/a><\/span><\/span><\/p>\n<p><span><\/p>\n<p>3 days ago<span>Wed Jan 18 2023 10:36:56<\/span><\/p>\n<p><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n<\/header>\n<p><img loading=\"lazy\" width=\"1300\" height=\"890\" src=\"https:\/\/fullycrypto.com\/wp-content\/uploads\/2023\/01\/What-Happened-to-the-250000-GK8-Wallet-Hackathon.png\" alt=\"What-Happened-to-the-$250,000-GK8-Wallet-Hackathon\" decoding=\"async\" title data-layzr=\"https:\/\/fullycrypto.com\/wp-content\/uploads\/2023\/01\/What-Happened-to-the-250000-GK8-Wallet-Hackathon.png\">\t\t\t\t\t\t\t\t\t\t\t<\/p>\n<div>\n<p><span><span>Reading Time: <\/span> <span>2<\/span> <span>minutes<\/span><\/span><\/p>\n<ul>\n<li aria-level=\"1\"><span>Three years ago this week, crypto custody platform GK8 offered hackers $250,000 in bitcoin to compromise their cold wallet<\/span><\/li>\n<li aria-level=\"1\"><span>The story was big news at the time, but the COVID-19 pandemic buried the story<\/span><\/li>\n<li aria-level=\"1\"><span>Did anyone take home the prize, or was the wallet indeed \u201cunhackable\u201d?<\/span><\/li>\n<\/ul>\n<p><span>Three years ago this week, security company <\/span><a href=\"https:\/\/fullycrypto.com\/250000-if-you-can-crack-the-gk8-crypto-wallet\"><span>GK8 offered $250,000 in bitcoin<\/span><\/a><span> to anyone who could hack their new <\/span><a href=\"https:\/\/fullycrypto.com\/why-is-storing-bitcoin-so-important-and-how-to-do-it\"><span>crypto custody<\/span><\/a><span> platform. Thousands of hackers of both color hats took part in the exercise, which GK8 naturally hoped would end with them being able to maintain their claim that the platform was \u201cunhackable\u201d and not having to watch $250,000 in bitcoin go out the window. The COVID-19 explosion practically buried the results, so let\u2019s revisit what actually happened on the day in question.<\/span><\/p>\n<h2><span>Hackers Given Advanced Warning of Coin Move<\/span><\/h2>\n<p><span>GK8 is an enterprise-grade custody platform that has been designed for institutions such as exchanges and hedge funds to store their crypto. In January 2020 it made a very attractive offer \u2013 anyone who could hack its cold wallet containing $250,000 worth of <\/span><a href=\"https:\/\/fullycrypto.com\/crypto-guides\/bitcoin-btc\"><span>bitcoin<\/span><\/a><span> within a 24-hour period could take it. The amount was chosen to grab attention \u2013 and it worked.<\/span><\/p>\n<p><span>Such was GK8\u2019s confidence that it publicly disclosed its physical office address, as well as the sender and receiver address and the exact time that the bitcoin bounty would be moved into the wallet, a week in advance. This was to give the hackers \u201can actual shot at breaking into it.\u201d Employees were escorted some of the way home, and the internal and external office security was beefed up.<\/span><\/p>\n<h2><span>Authenticity of the Stunt Questioned<\/span><\/h2>\n<p><span>Around two hundred hackers signed up in advance, but on the day in question GK8 was aware of \u201cthousands of users globally downloading, viewing, and going through company information\u201d, presumably in an attempt to get to the wallet. In the end, no one was successful, and <\/span><a href=\"https:\/\/hackernoon.com\/takeaways-from-our-dollar250000-bounty-for-hacking-our-cold-wallet-cwr632j8\" target=\"_blank\" rel=\"nofollow noopener\"><span>GK8 used its success<\/span><\/a><span> to reinforce its claims that its cold wallets could not be hacked.<\/span><\/p>\n<p><span>Despite its success, not everyone was convinced with GK8\u2019s claims:<\/span><\/p>\n<p><a href=\"https:\/\/fullycrypto.com\/wp-content\/uploads\/2023\/01\/gk8.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"data:image\/gif,GIF89a%01%00%01%00%80%00%00%00%00%00%FF%FF%FF%21%F9%04%01%00%00%00%00%2C%00%00%00%00%01%00%01%00%00%02%01D%00%3B\" data-layzr=\"https:\/\/fullycrypto.com\/wp-content\/uploads\/2023\/01\/gk8.jpg\" alt=\"gk8\" width=\"608\" height=\"563\"><\/a><\/p>\n<p><span>So who\u2019s right? Keeping all those hackers at bay for 24 hours was a feat indeed, but hackers don\u2019t normally stop after 24 hours \u2013 especially when a crypto exchange or hedge fund is the target. If this had been kept up for a week it would have been a more realistic feat, but there are obvious reasons why this couldn\u2019t be done.<\/span><\/p>\n<p><span>No doubt it was good PR for GK8, but as proper, real-world tests go, it failed to live up to reality. However, in the three years since the exercise was launched it still hasn\u2019t been hacked, so perhaps they were right all along?<\/span><\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/fullycrypto.com\/what-happened-to-the-250000-gk8-wallet-hackathon?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=what-happened-to-the-250000-gk8-wallet-hackathon\" class=\"button purchase\" rel=\"nofollow noopener\" target=\"_blank\">Read More<\/a><br \/>\n Mark Hunter<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Mark Hunter3 days agoWed Jan 18 2023 10:36:56 Reading Time: 2 minutes Three years ago this week, crypto custody platform GK8 offered hackers $250,000 in bitcoin to compromise their cold wallet The story was big news at the time, but the COVID-19 pandemic buried the story Did anyone take home the prize, or was<\/p>\n","protected":false},"author":1,"featured_media":599532,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[649,25349],"tags":[],"class_list":["post-599531","post","type-post","status-publish","format-standard","has-post-thumbnail","category-happened","category-wallet"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/599531","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=599531"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/599531\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/599532"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=599531"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=599531"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=599531"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}