White hat hackers working in the Web3 space are beginning to earn amounts significantly exceeding traditional cybersecurity salaries. Their work involves investigating vulnerabilities in decentralized protocols and earning rewards for identified security flaws.
The White Hat Profession
Hackers referred to as 'white hats' are ethical professionals who are rewarded for disclosing vulnerabilities in decentralized finance (DeFi) protocols. The CEO of the bug bounty platform Immunefi, Mitchell Amador, stated: 'Our leaderboard shows researchers earning millions per year, compared to typical cybersecurity salaries of $150-300k.'
Major Payouts and Vulnerabilities
The largest single payout to a Web3 white hat was $10 million for discovering a critical flaw in the Wormhole cross-chain bridge. This vulnerability could have potentially led to billions in losses. However, despite its discovery, Wormhole still experienced a hack on its Solana version in 2022, resulting in the theft of $321 million.
Current Risks in Cryptocurrency
In August, losses from hacks in the cryptocurrency sector amounted to $163 million, a 15% increase from the previous month. The majority of losses occurred due to two major incidents, including a $91 million social engineering scam and a $50 million breach of the Turkish exchange Btcturk.
The work of white hats in the Web3 sector is becoming increasingly lucrative; however, as profits grow, so do the risks for decentralized financial protocols, emphasizing the importance of robust security measures.
