Crypto Firms Made Large Payouts To Bounty Hunters In 2018, And Bitmain CEOs May Step Down

The State of The Market — December 31, 2018BTC: $3,796.93 (-1.88%)XRP: $0.358231 (-2.56%)ETH: $137.11 (-1.14%)

The market is somewhat stable, losing only $2.2 Billion in the last 24 hours. Bitcoin is hanging on to its support at $3,800, while Ethereum is below $140 after testing its resistance at $150. Binance Coin (BNB) is the only coin in green today among the top 25 cryptocurrencies.

In other news, Ross Ulbricht, founder of the dark web marketplace known as Silk Road, recently sent a handwritten letter to crypto proponent Roger Ver asking for help with his legal battle. Ver has been one of the most active supporters of Ross, calling for his release on multiple occasions since he was first arrested.

1) According to a report from TheNextWeb, white hack hackers earned $878,000 from crypto companies through bounty programs in 2018. Most companies reward responsible hackers for reporting vulnerabilities to them so that they can fix it before they are exploited. Block.One, the company behind EOS has paid out $534,500, or 60% of the bounties this year. Cryptocurrency exchange Coinbase is the second largest spender for awarding $290,381, and Tron came in at third for paying $76,200. While the average prize on HackerOne for bounties is $900, the blockchain industries averaged at $1,490. (Read More)

2) Jihan Wu and Micree Zhan, the CEOs of the cryptocurrency mining company Bitmain, may be stepping down from their positions amidst the shakeup and restructuring of Bitmain. One insider close to Bitmain stated, “This matter has not been settled yet, and it is currently in a transitional period.” Bitmain has yet to confirm or deny the reports and has replied to all requests by saying, “Thank you for your attention but we have no comment at this time, please refer to the prospectus.” (Read More)

3) Paxos Standard Token (PAX) is a popular ERC20 stablecoin on Ethereum blockchain that is pegged to the US dollar. It now has a market cap of $147 Million and is available in multiple popular exchanges. However, according to some traders, redeeming the PAX token for fiat Dollars is not an easy task. They’ve sent a series of questions for traders looking to redeem their tokens. They asked a trader to verify their wallet, and explain the transactions on their wallet. To another trader, they asked the location of their employer, their title, and their annual salary. Traders are not happy with Paxos’ hostility, and it has been a nightmare for some. (Read More)

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