Jacob Creech, who is the Head of Developer Relations at the Solana Foundation, posted a tweet with an enticing proposition. He announced a reward of $400,000 for anyone who can discover the code capable of “turning off Solana.
The $400,000 reward is just one of several security bug bounties provided by the Solana Foundation. They’re also offering a substantial $1 million prize for disclosing any consensus violations within the network. Currently, the price of Solana is in a critical phase, testing a vital support level. If it fails to hold this support, it might lead to a significant drop in SOL’s value, potentially reaching a low not seen in the past four months.
Solana has often been hailed as a formidable competitor to Ethereum, but like any blockchain in the crypto world, it isn’t without its problems. While many in the crypto space deal with hacking or exploitation incidents after they occur, Solana is taking a proactive approach. They’re making a generous offer to ethical hackers, often referred to as “white hat hackers,” to prevent these issues before they even happen.
Solana Foundation Offers Payment for ‘Exploitation
Solana Foundation’s Head of Developer Relations, Jacob Reech, made an announcement on X (formerly known as Twitter). Reech tweeted that they are offering a $400,000 reward to anyone who can find the code capable of turning off Solana. He encouraged people to participate in this endeavor.
Fyi there's a $400k reward for anyone that can find code that can turn off Solana
Please go ahead and find ithttps://t.co/2oxcB0EEyx
— Jacob Creech (@jacobvcreech) October 12, 2023
However, it’s essential to note that this isn’t a treacherous act; it’s part of the Solana Foundation’s security bug bounties program, aimed at engaging ethical hackers, often referred to as white hat hackers. The Foundation has placed various bounties on GitHub for those who can uncover different issues in the blockchain.
These bounties include a reward of $2 million in SOL tokens that will be locked for 12 months. This reward is for white hat hackers who can identify vulnerabilities that might lead to:
1. Theft of funds without the user’s signature from any account.
2. Theft of funds without the user’s interaction in system, token, stake, or vote programs.
3. Theft of funds that requires the user’s signature, such as creating a vote program that drains delegated stakes.
Another $1 million bounty was offered to those who could reveal any consensus or safety violations. Among these bounties was the $400,000 reward that Reech tweeted about, which is specifically for discovering vulnerabilities that could potentially enable remote attacks leading to network partition.
Solana’s Price Reaches a Crucial Stage
Currently, the price of Solana is positioned just above a crucial support line at $21.07. This support level coincides with both the 50- and 100-day Exponential Moving Average (EMA), making it significant.
SOL/USD 1-day chart
Solana has already experienced a 10.26% decline since the start of the month, and its current trading price is $21.43. However, if it fails to maintain this support level, it could result in a price drop, potentially testing a support level at its lowest point in the past four months, which is $17.34.
Nonetheless, there is also the possibility of a Solana price rebound, as the cryptocurrency has shown a minor uptick in value. To negate the negative outlook, SOL must establish $24.00 as a firm support level. This level is critical for the altcoin to kickstart a recovery and potentially reach the 2023 high of $27.44.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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