- Zengo Wallet is publicly daring hackers to steal over $400k in bitcoin from a known wallet address, instead of using bug bounties, to showcase their security
- Zengo relies on multi-party computation, 3-factor authentication, and biometrics instead of seed phrases or private keys
- Zengo hopes this highly publicized bounty will spur discussion of MPC technology and prove it can withstand attacks even when some factors are know
Zengo Wallet, a company specializing in secure cryptocurrency storage, is grabbing headlines with a unique challenge. They’ve put a large sum of Bitcoin out in the open, inviting skilled hackers to try and take it. This is a different way to test their security, not just fixing problems found by good hackers but also openly challenging the bad ones.
Zengo’s Bold Bitcoin Challenge
Starting January 9, Zengo will put 1 Bitcoin (about $43,000) in a special wallet. Over two weeks, they’re adding more. By January 14, they will add four more Bitcoin, and by January 21, another five, making it a total of 10 Bitcoin, worth around $430,000. They share a piece of the wallet’s security information with each addition.
Unique Security Measures
Zengo’s wallet isn’t like others. It doesn’t use the usual secret phrases or keys. Instead, it has a special network that keeps part of the key, and the user needs three things to access their part. This includes face scanning, which is pretty high-tech. They even have a backup plan with a law firm in case their network fails.
Encouraging Tech Talk
Zengo’s Chief Marketing Officer explains that this challenge isn’t just about proving their wallet is safe. It’s also to get people talking about their technology, which they think is better than what most wallets use.
The Importance of Wallet Security
In 2022, many people lost money in big hacks, so everyone’s worried about keeping their Bitcoin safe. By doing this, Zengo wants to show that their way of protecting Bitcoin can stand up to hackers, even when they know some secrets about how it works.
A Test of Security
This challenge is an exciting test for Zengo. They’re trying something new and showing confidence in their technology. Whether or not the hackers succeed, it’s going to be interesting to see how it turns out.
