BlocksInform
In 2022, billions of dollars were lost in crypto piracy. But white hat hackers' contributions to maintaining industry security cannot be ignored.
Hackers took best advantage of the bearish market, with billions stolen in crypto protocols. Defillama says the pirates have brought in more than $3 billion this year. Lastly, they exploited over $718 million from protocol in October, making it the biggest month in the biggest year of crypto hacking activities.
But there's a hero to each story. White hat hackers contributed significantly this year to protect user funds.
White-Hat vs. Black-Hat Hackers
Hackers in Black-Hat are cybercriminals who may exploit vulnerabilities in smart contracts and steal user funds. They use a variety of techniques such as phishing in order to access user funds.
Additionally, a technique that has recently gained headlines is the Crypto Drainers contract. These are smart deals that fraudsters use to steal digital resources using phishing pages that masquerade as popular project websites. They deceive victims by plugging their wallets into the website for the strike, and then they steal their digital assets.
White hat hackers are ethical hackers who identify vulnerabilities for security purposes and help the team to fix them. They have the team's permission to breach protocol and receive bonuses if they find vulnerabilities.
Cryptographic heroes have saved more than 20 billion dollars in user money.
The Web3 ecosystem contains several billion dollars. Black hat hackers look forward to exploiting contract vulnerabilities and emptying these funds. The white-hat hackers have turned out to be the heroes of the ecosystem, saving over $20 billion in users’ funds.
As the ecosystem grows, it will be necessary for ethical hackers to seek out contract vulnerabilities and protect user funds. For budding developers, it can be a lucrative career option to find bugs in smart deals and earn millions in bug bonus programs. The bug bounty market is expected to reach $5.5bn valuations by 2027.
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