Cardano founder offers $1 million bounty to hack new Lace Paper Wallet

Cardano founder, Charles Hoskinson has announced a $1 million challenge to the ADA community. During the recent Rare Evo 2024 event, Hoskinson unveiled a bounty of 1 million USDM for anyone who can successfully hack the Lace Paper Wallet.

While announcing the news on X, Hoskinson said, ‘If you can hack it, you can keep it.’ This initiative invites members of the ADA community to attempt to hack the Lace Paper Wallet, thereby contributing to the platform’s security.

Hoskinson revealed that the challenge will be open until the end of 2024 or until someone successfully claims the bounty by hacking the wallet.

The initiative is a step towards enhancing the security features of the Lace Wallet, a product developed under the Cardano blockchain ecosystem. Hoskinson invited tech enthusiasts and developers to attempt the challenge and prove their skills by breaching the wallet’s security.

Lace Paper Wallet touted as the most secure in the cryptocurrency industry

The Lace Paper Wallet is described to integrates advanced encryption and a user-friendly interface to give users a robust security option. Additionally, it allows users to restore access to their funds using a single encrypted QR code. The new feature aims to simplify security for users, even as it strengthens it by requiring physical possession of the QR code for access.

“This is, I think, the most secure paper wallet ever generated in the history of our industry.”

Hoskinson 

Hoskinson issued a few conditions for the willing participant or team. According to the program’s rules , the first person to submit the NFT to IOG will receive the bounty. However, to claim the reward, the participants must adhere to guidelines, including completing a KYC process and disclosing any vulnerabilities exploited solely by IOG. Social engineering tactics are prohibited for breaching the wallet; only those meeting these requirements will be eligible for the bounty.

To take part in the challenge you need to download the Lace Paper Wallet PDF and use the PGP encrypted recovery QR code to get started in Lace hacking program.