Digital Assets: Israeli CyberSecurity Firm GK8 Dares Hackers With $250K Bounty
February 4, 2020 | Digital Assets, News
GK8 promises unhackable custody for crypto-assets that is NEVER connected to the Internet. And bets $250K to back its claim.
Financial institutions worried about the security of their crypto-assets may take heart from the solution offered by Israeli cyber-security firm GK8. Digital assets are stored in the world's first truly cold wallet – a five-patent system protected by a uni-directional no-attack vector connection that is never directly or indirectly connected to the Internet.
CEO Lior Lamesh and CTO Shahar Shamai founded GK8 in July 2018.
GK8 has dared hackers to burgle a bounty of $125K stored in a cold wallet, with the promise of another payout of a $125K bonus, according to Digital Journal. The first person to crack the GK8 system could, therefore, earn about 28 bitcoin for their efforts.
Government standard security
Would-be hackers with dollar signs in their eyes likely have an uphill task before them. According to the GK8 website, their on-premise hardware, and software system utilizes advanced proprietary cryptography techniques with military-grade physical protection.
Furthermore, it combines cold wallet insulated from inbound communication with an ultra-secure, proprietary MPC wallet for automated transactions.
Custody clients are offered 24/7 on-the-spot withdrawals, automatic reconciliation and balancing, disaster recovery including private-key backup, and advanced authentication via password, biometric and GEO location.
Financial institutions can execute the entire digital assets management process. This includes sending transactions to the blockchain, without the need for an Internet connection.
"We want to make it known that we're changing the cybersecurity game here," says Lior Lamesh, Co-founder and CEO of GK8. "Ours is the only truly cold wallet in the market and provides an unprecedented level of security. We dare the hackers of the world to take a stab at cracking it, but they won't be able to."
GK8's dare
The bounty program is open for 24 hours with effect from February 3, at 9:00 a.m. EST.
"To prove our wallet is really active and live, from the minute we launch the challenge, every 24 blocks we will send a real-time transaction to the address of the miner that closed the last block," says Shahar Shamai, CTO of GK8. "This bounty is the real deal."
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Image credit: GK8