$1.5B crypto hack losses expose bug bounty flaws

As cryptocurrency losses from security breaches surge past $1.5 billion, cybersecurity experts are urging exchanges to improve bug bounty programs to attract top ethical hackers and strengthen platform security.

On March 3, blockchain security firm CertiK said that crypto lost from hacks in February had reached $1.53 billion, with the Bybit hack accounting for the majority of losses at more than $1.4 billion. Excluding the incident, CertiK reported that other exploits had resulted in $126 million in losses, including a $49 million Infini hack.

Ethical hacker Marwan Hachem told Cointelegraph that the surge in crypto hack losses highlighted a growing need for better bug bounty programs. 

Hachem said that to prevent such exploits, exchanges must offer higher and more appealing bug bounty rewards to white hat hackers.