In an unprecedented move to showcase the robustness of its security model, Zengo Wallet has thrown down the gauntlet to hackers across the globe with an on-chain bounty worth 10 Bitcoin (BTC). The challenge not only tests the wallet’s defenses but also stands as a testament to the company’s confidence in their technology.
Challenge Commences with a Hefty Prize
The Zengo Wallet Challenge commences on January 9th, 2023 and offers a 15-day window in which savvy hackers can attempt to breach the wallet’s security. The bounty starts with 1 BTC, approximately $43,000, and will see increments until it reaches a staggering 10 BTC, over $430,000 in current valuation.
Zengo has planned to unveil two of the three critical security factors needed to access the wallet throughout the challenge period. The first reveal is scheduled for January 14th, with an additional 4 BTC added to the pot. On January 21st, another 5 BTC will join the bounty, and a second security factor will be disclosed. Participants will then have a short window to apply their skills before the challenge closes on January 24th.
Zengo’s unique approach to security deviates from traditional wallets. It eliminates the need for a seed phrase, which is often a vulnerability point for many crypto wallets. Instead, Zengo implements a multi-party computation (MPC) network to sign transactions, dividing the responsibility between two “secret shares” – one stored on the user’s device and the other on Zengo’s MPC network.
Recovery of the user’s share involves a three-factor authentication process, which includes an encrypted backup file on the user’s Google or Apple account, their email, and a facial recognition scan. In an extraordinary measure of redundancy, Zengo has provided a master decryption key to an independent law firm, which will publish the key to a GitHub repository in the event of the MPC network’s failure, enabling users to reconstruct their shares and generate a traditional private key.
Zengo’s Chief Marketing Officer, Elad Bleistein, hopes the challenge will ignite conversations about MPC technology within the crypto community. The goal is to demystify complex terms and demonstrate the advantages of MPC wallets over conventional hardware alternatives.
In light of recent breaches, including the Atomic Wallet incident resulting in over $100 million in losses, and the Libbitcoin Explorer wallet library hacks with $900,000 stolen in 2023, the crypto community has become increasingly focused on security. Zengo’s challenge represents a proactive approach to proving and improving wallet security.
Join the Challenge and Win
Participants are encouraged to document their efforts and learnings in a chance to win up to $750 in Bitcoin. Content creation about Zengo’s MPC cryptography and recovery process could fetch participants a reward, even if they do not succeed in hacking the wallet.
For the brave, skilled, or simply curious, the Zengo Wallet Challenge stands as an open invitation to test one’s hacking prowess and perhaps walk away significantly richer, all while contributing to the ongoing discourse on the future of crypto security.