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The developer of the crypto wallet platform Zengo Wallet has launched a notable event focusing on security measures. They are adopting an unusual approach by offering a bug bounty on the wallet. Instead of paying white hat hackers to discover potential security vulnerabilities, the company has stored 10 Bitcoin in a developer-controlled account.
Zengo Team’s Remarkable Event
According to an announcement made by the team on January 7, any hacker who manages to drain the wallet will own 10 Bitcoin. The event started on January 9 and will continue until the morning of January 24. The account’s address will be disclosed on January 9 and will contain 1 Bitcoin.
On January 14, the Zengo team will add another 4 Bitcoin to the account and provide one of the security factors used to secure the account. The team will add another 5 Bitcoin on January 21, bringing the total amount held in the wallet to 10 Bitcoin. At this point, a second security factor will be revealed, and a total of three security factors will be used.
After the second factor is disclosed, hackers will have until January 24 to attempt to hack the wallet. If anyone succeeds in hacking the wallet within this time frame, they will own the 10 Bitcoin.
Team’s Steps Towards Security Measures
Zengo claims that their wallet is a product without a seed phase vulnerability. The platform does not require users to copy seed words when creating an account for the first time, and no keys are stored by the wallet.
According to the official website, wallet transactions rely on a multi-party computation (MPC) network for signing. Instead of creating a private key, the wallet generates two separate secret shares. The first share is stored on the user’s mobile device, while the second is kept within the MPC network.
The user’s share is also backed up with a three-factor (3FA) authentication method. Users need access to an encrypted backup file in their Google or Apple accounts and the email address they used to create the wallet account to recover their shares. Additionally, they must undergo a facial scan on their mobile devices to generate a third cryptographic factor for reconstructing their shares.
