Charles Hoskinson Puts Up $1 Million to Test Cardano’s Wallet Security

Charles Hoskinson, the founder of Cardano, has announced a $1 million challenge to the ADA community.

During the Rare Evo 2024 event, Hoskinson unveiled a bounty of 1 million USDM for anyone who can successfully hack the Lace Paper Wallet. In a video posted on X, Hoskinson invited participants to test the security of the wallet:

If you can hack it; You can keep it! 1 million dollars! https://t.co/TTtHocHHbs

— Charles Hoskinson (@IOHK_Charles) August 17, 2024

This challenge aims to enhance the security of the platform by encouraging community members to identify vulnerabilities.

Cardano’s Web3 wallet, Lace, has introduced a new security feature with its Paper Wallet option. This feature simplifies wallet protection by allowing users with existing PGP keys to restore their wallet using a single encrypted QR code.

READ MORE:

German Federal Authority Issues a Warning to Crypto Users

To celebrate this update, Lace has launched the Lace Paper Wallet Bug Bounty Program, inviting the community to test and improve the wallet’s security. The program will remain open until the end of 2024 or until the wallet is successfully hacked.

At Rare Evo 2024, Cardano’s scaling solution Hydra also made headlines. The technology was showcased by processing each frame of the classic game Doom as a transaction on the Cardano blockchain. This demonstration highlights Hydra’s potential for high-throughput, real-time applications, suggesting future uses in fields like finance and supply chain management.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.