HACKER, Guido Vranken made a small fortune of $120,000 from the comfort of his living room scanning for bugs in a piece of software.
He spent the past few days scouring through the source code of Eos; Block.one, a blockchain company created this software.
The company raised a record-breaking $4 billion for its ICO. The software was released on June 2.
In an unusual approach taken with their software has caused many delays before the product can be put out on offer to the masses. Block.one has allowed developers outside their company to test out various version of the tech.
The group of devs to launch the software first will go on to represent the successful Eos Blockchain.
Vranken managed to make his treasure trove of cash by exposing the numerous amounts of flaws embedded into the software. Another factor in the stream of delays.
Having broke records, the Eos team have pledged to invest at least $1 billion into EOS-based startups. As for the rest of the money, they don’t have a solid plan in place as to where it will be used.
Vranken said that he’s discovered 12 bugs. Vranken made a deal with the company’s chief tech officer, Dan Larimer that they would pay him $10,000 for each bug he finds. “You are raking it in,” Vranken said Larimer told him when he re-negotiated the deal for a higher amount.
Vranken described the security flaws he discovered in Eos as “very bad.”
“You could crash a network,” Vranken said on a phone call from his home in the Netherlands. “I’m not sure about the entire Eos network, but you could incur some serious damage.”
Vranken said the flaws he discovered within Eos could have posed a “PR disaster.”
“It would have been good if they started this bug bounty program a lot earlier,” said Vranken. “Now, it seems a bit late.”
“Good payouts and they appreciate my effort,” he said. “They told me, ‘Find as many bugs as you can.'”
Vranken said that he believes that searching for bugs in the source code of cryptocurrencies could soon become a burgeoning business for both himself and other hackers.
Finding fatal errors in the source could of cryptocurrencies could be a massive business in the years ahead, he said.
“I hope that more cryptocurrencies will begin offering bug bounties,” he said. “It will always be in their best interest.”
Vranken hopes to buy a house with the money from Eos.