A hacker made $120,000 hunting for bugs in the 'flawed' software of a cryptocurrency startup that raised a record-breaking $4 billion ICO

Business Insider | 6/8/2018 | Zoë Bernard
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Block.one, a blockchain company that raised a record $4 billion for its initial coin offering for its token Eos, released the first version of its software on June 2.

The release of the final product, a blockchain platform, has been delayed by the startup's unorthodox roll-out, which allows cryptocurrency enthusiasts outside the company to test out different versions of its software — with the first one to be finished winning out.

Hacker - Hunting - Bugs - Software - Eos

One hacker, who made $120,000 hunting for bugs in the current software, suggests that Eos's core technology is riddled with bugs.

Last week, Guido Vranken made $120,000 from his laptop while sitting in his living room.

Vranken - Days - Source - Code - Eos

Vranken has spent the past few days combing through the source code of Eos, the software created by the blockchain company Block.one.

Eos's developers have taken an unorthodox approach to their software which has caused some delays in the final product's debut, which will be a blockchain. Block.one is allowing developers outside of the company to create and test out different versions of the technology, and the group that launches its software first will go on to represent the prevailing Eos blockchain.

Delays - Rollout - Process - Flaws - Eos

While delays from this unusual rollout process were largely anticipated, numerous flaws in Eos's software have also been exposed, and that's how Vranken managed to make $120,000 in a matter of days.

Despite taking in a staggering $4 billion since the company first embarked on its fundraising efforts last year, Block.one hasn't yet revealed what it plans to do with the majority of the money, although it's pledged to invest at least $1 billion into EOS-based startups.

History - Offerings - Eos - Raise - Time

In the brief history of token offerings, Eos's raise has ballooned to an all time record-high. The company, which is backed by veteran blockchain project founder Dan Larimer, has promised to deliver a powerful system for decentralized apps that might someday dethrone...
(Excerpt) Read more at: Business Insider
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