Tuesday Newsletter

Explore the latest trends, gain valuable insights, and stay informed in the dynamic cryptocurrency ecosystem.

09 July 2024

Ethereum’s security team is organizing a four-week hackathon with a $2 million prize pool aimed at rigorously testing the blockchain’s security. This event, named the “Attackathon,” is expected to be the largest crowdsourced security audit of Ethereum’s codebase to date.

Scheduled to run for four weeks, the Attackathon invites security researchers to identify vulnerabilities within the protocol’s code. The Ethereum Protocol Security (EPS) research team detailed in a July 8 blog post that participants will adhere to specific competition rules, with rewards granted only for impactful and rule-compliant reports.

The event will kick off with a comprehensive technical walkthrough of Ethereum’s code, ensuring that participants are well-equipped to detect and understand potential security flaws.

At the conclusion of the hackathon, the bug bounty platform Immunefi will compile the findings into a report outlining the discovered vulnerabilities. The EPS team has contributed $500,000 to the prize pool and is seeking additional sponsorships to reach the $2 million goal by August 1, at which point more details will be shared.

The EPS team intends to hold similar hackathons for each future hard fork to audit changes to the codebase. The next major upgrade, the “Pectra” hard fork, is anticipated to launch in late 2024 or early 2025, merging the “Prague” and “Electra” updates. Notable features include a “social recovery” function designed to replace the traditional 24-word private wallet key, adding smart contract-like capabilities to wallets.

Hackathons are a staple in the tech industry, and the crypto space is no exception. Many blockchain projects host these events to encourage ethical hacking and vulnerability reporting. Immunefi, which specializes in bug bounties, lists rewards ranging from tens of thousands to millions of dollars, with the highest bounty offered by LayerZero at $15 million.

By organizing the Attackathon, Ethereum aims to enhance the security of its blockchain, reinforcing its commitment to maintaining a robust and resilient ecosystem.