GK8, a company offering a high-security custodian solution for safekeeping and managing digital assets, has unveiled its technology for executing the entire digital-asset management process without any kind of internet connection. To demonstrate its solution, GK8 has launched a bounty program that offers up to $250,000 in bitcoin (up to 28 bitcoin) for the first to hack its cold wallet.
GK8’s cold wallet address will be published on January 27th. Terms of the bounty, as well as challenge eligibility, will go live on January 21st, the date it officially launches, on the challenge campaign page.
Set to take place on February 3rd, at 9:00 a.m. EST. The bounty program event will offer up to $250K USD worth of bitcoin for the first to hack its cold wallet to prove its impenetrability. During the 24-hour bounty program, every 24 blocks (about 4-5 hours per block), GK8 will send a real-time transaction to the address of the miner that closed the block in order to prove the livability of the cold wallet.
The wallet itself will hold approximately $125,000 worth of bitcoin. In the event that someone is able to hack the cold wallet and provides a satisfactory explanation as to how he or she managed to hack into it, he or she will be entitled to receive the $125,000 worth of bitcoin in the wallet. In addition, he or she may be entitled to an additional prize of up to $125,000 worth in bitcoin so that in total, he or she may receive a grand total prize of $250,000.
With the backing of five pending patents endorsed by renowned industry and academic experts, GK8’s solution enables hot-wallet functionalities through its MPC, all while leveraging the security standard of the fully hack-proof cold wallet.
“To prove our wallet is really active and live, from the minute we launch the challenge, every 24 blocks we will send a real-time transaction to the address of the miner that closed the last block,” says Shahar Shamai, CTO of GK8. “This bounty is the real deal.”
“We want to make it known that we’re changing the cybersecurity game here,” says Lior Lamesh, Co-founder and CEO of GK8. “Ours is the only truly cold wallet in the market and provides an unprecedented level of security. We dare the hackers of the world to take a stab at cracking it, but they won’t be able to.”