Tel Aviv, Israel – February 3, 2020 – GK8, the hack-proof system for safeguarding digital assets, unveils its proven technology for executing the entire digital-asset management process without any kind of Internet connection, effectively introducing the world’s first truly cold wallet. To demonstrate its disruptive technology, GK8 announces a bounty program that offers up to $250,000 in Bitcoin (up to 28 Bitcoin) for the first to hack its cold wallet.
At the end of 2019, South Korea’s Upbit, one of the biggest blockchain platforms in the world, was hacked by malicious actors and lost a staggering $49 million worth of tokens. Binance, too, infamously lost $40.7 to hackers in May; Bithumb lost $13 million two months prior. The list goes on. Approximately $4.26 billion in digital assets have been stolen in the first six months of 2019 alone. While blockchain as a database is secure, blockchain as a service has vulnerabilities at its endpoints, where private keys can be stolen. GK8 tackles this problem by allowing financial institutions to execute the entire digital asset management process, including sending transactions to the blockchain, without any kind of Internet connection.
GK8’s bounty program event, which is set to take place on February 3, at 9:00 a.m. EST, offers up to a quarter of a million USD worth of Bitcoin for the first to hack its cold wallet to prove its impenetrability. During the 24-hour bounty program, every 24 blocks (about 4-5 hours per block), GK8 will send a real-time transaction to the address of the miner that closed the block in order to prove the livability of the cold wallet. The wallet itself will hold approximately $125,000 worth of Bitcoin. In the event that someone is able to hack the cold wallet and provides a satisfactory explanation as to how he or she managed to hack into it, he or she will be entitled to receive the $125,000 worth of Bitcoin in the wallet. In addition, he or she may be entitled to an additional prize of up to $125,000 worth in Bitcoin so that in total, he or she may receive a grand total prize of $250,000.
Gk8’s cold wallet address will be published on the 27th. The terms of the bounty, as well as challenge eligibility will go live on January 21, the date it officially launches, on the challenge campaign page.
With the backing of five pending patents endorsed by renowned industry and academic experts, GK8 combines its unreachable cold wallet with an ultra-secure MPC wallet to change the Return On Investment (ROI) for hackers. The cold wallet, which only transmits data and therefore totally unhackable, protects the vast majority of the transaction, while the MPC wallet protects the rest. This means a hacker would have to invest much more in breaking into the MPC wallet than they could ever gain from stealing from it. GK8’s solution therefore enables hot-wallet functionalities through its MPC, all while leveraging the security standard of the fully hack-proof cold wallet.
“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.”
“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.”
GK8’s on-site digital asset custody system combines a hack-proofed digital vault with a new class of MPC that together implements unprecedented level of risk assessment and mitigation, with institutional-grade compliance, seamless API integration and low transaction fees. The technology allows financial institutions to receive high access to digital assets and related information without compromising on security, as it enables the institution to execute the entire digital asset management process, including sending a signed transaction to the blockchain, without direct or indirect Internet connection.
GK8 is a cybersecurity company that offers a high-security custodian solution for safekeeping and managing digital assets. The technology allows financial institutions to execute the entire digital assets management process, including sending transactions to the blockchain, without the need for an Internet connection. GK8’s custodian technology is already helping to securely manage digital assets for clients that manage more than $1 billion in digital assets. The company was founded in July 2018 by CEO Lior Lamesh and CTO Shahar Shamai, who previously protected the State of Israel’s strategic assets against cyber-attacks. GK8’s investors and advisory board includes Check Point Founder and Chairman, Marius Nacht, Discount Capital, Israeli Bank Discount investment arm, Zcash founding scientist Professor Eran Tromer, and former head of an Israeli intelligence cybersecurity unit, Ilan Levanon.