BANKEX Launched a Custody Bug Bounty of $15K


BANKEX has launched a Custody bug bounty to incentivize hackers to expose weak spots BANKEX can then fix. BANKEX will reward hackers up to $15,000.

After reading news about crypto heists, having value stored in crypto might seem to be a nightmare. It seems like a pain to keep private keys safe, hiding them from thieves and hackers. Sometimes it seems that the best way to hold onto account info is to memorize the long public and private keys. But what if users forget them? All these questions can make crypto holders crazy. However, BANKEX promises to solve these problems and even give users a client service as a bonus.

In light of this dilemma, BANKEX Custody has Know Your Customer (KYC) features, wherein customers will have to provide identifying information just as they would at a bank. This empowers an account restore. That means that, should crypto holders ever forget their private keys or passwords, or if they damage their PCs, they won’t automatically lose their funds, so they don’t need to memorize cryptographic credentials or write them down.

Importantly, BANKEX implements all this convenience while still providing unparalleled security. The Custody database cannot be accessed or read by a human – everything is encrypted and handled within a machine environment. The server is removed from human interference and only BANKEX’s automated modules can access it. In addition, in Custody, to hack a wallet, one needs to hack a whole series of nested keys kept in a Hardware Security Module (HSM).