Buglab Incentivizes Exchanges To Try Penetration Testing
The Ethereum based startup Buglab is giving $2,000,000 worth of BGL tokens to crypto exchanges and cybersecurity researchers for participation in penetration testing contests.
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A private beta version of buglab’s platform went online after the recent onslaught of exchange hacks, just 2 weeks after 2 of the largest South Korean exchanges were hacked with over $70,000,000 lost between the two exchanges.
Any exchange that offers a launchpad or promotes the token sale in any way will be eligible for penetration testing services. On top of this, participating exchanges have the chance to receive $20,000 as part of Buglab’s enterprise plan.
A $10,000 prize is given to the top three winners of the contest, and another $10,000 to be allocated as a special reward, undetermined at this time.
If no exploits are discovered, the cybersecurity startup will still offer 50% of the normal $20,000 to exchanges. This will incentive exchanges to try out the services regardless, making it a win-win proposition.
Penetration testing is conducted by either ethical (white hat) hackers or cyber security researchers, where they look for any vulnerabilities in an entity’s security by trying to hack the system themselves.
Any exploits used that prove to be successful are reported back to the entity, so they are able to patch holes in their security before malicious hackers take advantage of the same loopholes.
“Cryptocurrency exchanges should be concerned about securing the funds of their traders, as these funds equate to billions of dollars. With new exchanges launching every week and increasing danger of security breaches, we aim to provide the industry with a secure, cutting-edge service to help mitigate against these increasing risks.”
While exchanges are being heavily marketed to, Buglabs penetration testing services can be applicable to all internet connected entities, including websites, mobile apps, IoT devices, and smart contracts to name a few.
Token Sale Details
The token sale for Buglabs native token, BGL, will begin June 30th, and last for 4 weeks. Users can begin the process by whitelisting ahead of time, so they are able to purchase tokens faster when the sale is live.
In total, there will be 425,000,000 BGL tokens, and 40% (170,000,000) of them are being allocated for this event. The BGL tokens can be purchased at a fixed price of $0.15 per token throughout the entire duration of this event.
Users during the presale can take advantage of a 20% discount or an effective rate of $0.1125 per token.
This bonus rate is only effective for the first 24 hours of the sale and goes down to a 15% bonus for the first week. From there, the rate continues to drop 5% per week, until finally reaching base rate (0% bonus) from week 3 on.
To view the platform, visit Buglab’s website. For more in-depth information, read their whitepaper. For social media updates, visit their Facebook, Twitter, and Instagram accounts. To talk with the community and team members to discuss all things Buglab, check out their official Reddit page. All blog posts will be made through their Medium.