Blockchain Startup Buglab.io Offers $ 2,000,000 Worth of Tokens to Secure Crypto Exchanges, in the Cybersecurity Contest

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Bitcoin Press Release: Buglab, the startup cybersecurity blockchain offers cryptocurrency exchange entries for upcoming penetration test contests. Buglab will provide $ 2,000,000 in BGL tokens to cybersecurity researchers participating in the contest.

July 01, 2018, Paris - Buglab , a cybersecurity solution startup has announced that it will offer $ 2,000,000 in BGL tokens to cryptocurrency exchanges and cybersecurity researchers who participate in its platform penetration testing contest.

Buglab has decided to release a private beta version of its platform, following a series of recent exchange hacking. Any exchange that offers to launch launchpad, or promote the sale of tokens in certain ways will be eligible to receive penetration testing services to detect vulnerabilities and potential threats.

Through Buglab, a certified and selected cybersecurity research community will summarize the contest, provide a complete report on the findings and draw a complete prevention strategy to prevent these problems in the future.

Each participating exchange will have the opportunity to receive $ 20,000 as part of the Buglab company plan, including a $ 10,000 prize for the top three winners of the contest and $ 10,000 as special prizes (eg critical vulnerabilities not found by winners). In addition to offering contests, if no vulnerabilities are found, Buglab will offer 50% of the amount allocated to the exchange, ($ 10,000 in BGL tokens). This is the best way for exchanges to test the release of future features.

When asked about the future of cryptocurrency exchanges, Buglab CEO Reda Cherqaoui stated that;

"Cryptocurrency exchanges must care about securing funds from their traders, because these funds are equivalent to billions of dollars. With new exchanges being launched every week and increasing the danger of security breaches, we aim to provide industry with safe and up-to-date services to help reduce this increasing risk. "

Exchange Hack

Digital financial markets are currently growing at an exponential rate and hackers now have more advanced techniques and equipment than before. Cryptocurrency exchanges must be vigilant and actively monitor and update their technical knowledge and skills to be one step ahead of hackers and keep their exchanges safe.

Buglab penetration testing services and the announcement of the contest came just two weeks after two major South Korean bourses were hacked and lost about a combined total of more than $ 70 Million, in various crypto currencies.

Leading exchange Conrail announced "cyber interference" on June 9, with a loss of around $ 40 million and only 11 days later South Korea's largest volume trading platform, Bithumb announced a security breach with reported losses of $ 31 million.

Even though Bithump assures full replacement for all affected users, serious questions now depend on this security, and all other cryptocurrency exchanges. With this news worsening the current bearish market, cryptocurrency platform users are very concerned about the state of play.

Reda also stated that increasing the ability of hackers has created an increase in demand for cybersecurity professionals that far exceed current supply. This huge demand has encouraged specialists to find new and more efficient solutions to fight the increasing number of security threats.

What is Buglab?

Buglab uses the Ethereum-based platform which consists of two programs: the buglab contest and the Vigilante Protocol, to help cryptocurrency companies and exchanges, all over the world, to find and correct vulnerabilities in digital solutions and their assets such as web applications, mobile applications, IoT devices, contracts smart, and others. In the Vigilante Protocol, startups work with CERT to verify findings and tell companies that are at risk.

Buglab is the brainchild of cybersecurity veterans and engineer Reda Cherqaoui. He has been in the cybersecurity scene since the age of 16 and in 2011 he developed a Facebook monitoring system, known as "Agatha". Currently Reda helps many large companies like Hotmail, Yahoo, and eBay.

Buglab's founders are always motivated by problem solving and are now seen to overcome various cybersecurity threats, through Buglab penetration testing startups.

Buglab Token Distribution Event

Buglab will run a token distribution event from June 30, 2018, for a period of exactly 4 weeks. Individuals who are interested in participating in presale tokens can do this by entering whitepapers on official websites .

In total, Buglab will make 425,000,000 BGL tokens, of which, 40% (170,000,000) will be allocated to token distribution events. The selling price of the BGL token is locked at $ 0.15 for the duration of the token sale.

Buglab is happy to announce that they will offer sales tokens bonus 25% tokens for presale duration.

Token sales bonus structure:

First 24 hours: 20% bonus

Week 1: 15% bonus

Week 2: 10% bonus

Week 3 to end: 0%

Buglab is happy to invite all crypto exchanges who are interested in joining this initiative at exchangees@buglab.io

About Buglab

Buglab is an Ethereum-based startup that connects companies with a global network of expert cybersecurity researchers. At the center of our ecosystem, there are two programs - the buglab contest and the Vigilante Protocol, which help companies around the world find and correct vulnerabilities in their digital solutions or assets.

Learn more about Buglab here - https://buglab.io/#top

Baca Buglab Whitepaper – https://buglab.io/assets/docs/Buglab_WhitePaper.pdf

Buglab di Facebook – https://www.facebook.com/buglab.co

Buglab di twitter – https://twitter.com/joinbuglab

Buglab di Instagram - https://www.instagram.com/buglab.co

Buglab official Reddit page – https://www.reddit.com/r/buglabProject/

Buglab di Medium – https://blog.buglab.io/

Telegram – https://t.me/buglab

Youtube – https://www.youtube.com/channel/UCmGh-O5eRtbQchWmy8cFjYA

Author : Ranjanies

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