Cybersecurity firm Naoris offers bounties for successful breaches of cryptographic algorithms utilized in blockchain and cryptocurrency sectors.
Naoris Reward Announcement
Naoris has announced a bounty of $120,000 — equivalent to approximately one Bitcoin — for successfully compromising cryptographic standards used in the crypto industry. The largest bounty, $50,000, is for breaking secp256k1, used in Bitcoin and Ethereum.
Risks Associated with Cryptographic Compromise
Should secp256k1 be breached, it could wreak havoc on Bitcoin and various blockchains, including Lightning Network and many Ethereum layer-2 solutions. Meanwhile, a $30,000 reward is available for an attack on Ed25519, which supports OpenSSH and Git, along with other algorithms like NIST P-256 that are comparatively easier to break.
Crypto Community's Preparation for Quantum Threats
Despite current quantum computers being unlikely to breach cryptography soon, experts agree it's only a matter of time. Bitcoin is taking steps to enhance its security, with a new proposal introduced this month aimed at phasing out legacy signature schemes to combat quantum attacks.
The bounties issued by Naoris underline the increasing concern regarding the emergence of quantum computing threats and highlight the need for proactive measures to secure cryptographic standards.
