Charles Hoskinson Announces $1 Million Bounty for Hacking the New Lace Paper Wallet

Cardano founder introduces a new challenge for the cybersecurity community at the Rare Evo event in 2024.

Charles Hoskinson revealed a $1 million bounty for anyone who can breach the Lace Paper Wallet, a new product designed with advanced encryption features. This challenge is part of a broader initiative to test and showcase the security of the wallet, which uses PGP encryption to safeguard private keys.

If someone manages to hack it by the close of the year, they will be able to claim the full amount, which is currently 1 million dollars. The prize, stored in the paper wallet, consists of 1 million USDM, thanks to a partnership with Moneta USDM.

The Lace Paper Wallet, generated through Cardano’s Lace platform, incorporates both a public and a private QR code. The private key, however, is encrypted using PGP, providing a higher level of protection comparable to that of an encrypted email.

This measure aims to enhance the security of standard paper wallets, which are vulnerable to replay attacks where a printer could reproduce a previously printed key, creating an identical wallet copy. With PGP encryption, even if a duplicate is created, the wallet will remain inaccessible to unauthorized users.

The PGP encryption also allows users to store their private keys on devices like YubiKeys securely. Furthermore, the wallet can be saved as a PDF for secure digital storage. Hoskinson highlighted these measures as a breakthrough in paper wallet security.

In a related development, Hoskinson was involved in a public clash with crypto personality Ben “BitBoy” Armstrong days before the announcement of the bug bounty. BitBoy, who had earlier criticized Cardano, challenged Hoskinson to a physical fight following comments the Cardano founder made about Armstrong’s stance on the project.

Despite the provocations, BitBoy clarified that there was no ill will between him and Hoskinson, suggesting the challenge was more for entertainment than personal conflict.

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