Security firm GK8 offers up to $250K in bitcoin if someone hacks its cold wallet

Israel-based cybersecurity startup GK8 is offering a bounty of up to $250,000 in bitcoin if someone is able to hack its cryptocurrency cold wallet.

The 24-hour bounty program starts February 3, at 9:00 a.m. EST, according to a statement shared with The Block on Monday. GK8’s cold wallet will hold approximately $125,000 worth of bitcoin and the first person to successfully hack into it will receive that amount plus an additional reward of up to $125,000.

The total amount of up to $250,000 is worth up to about 28 bitcoins (at current prices). GK8 claims that the cold wallet is “totally unhackable” due to its digital asset management process taking place without the need for a Web connection. 

“We dare the hackers of the world to take a stab at cracking it, but they won’t be able to,” said Lior Lamesh, co-founder and CEO of GK8, who has previously worked as a cybersecurity expert for The Office of the Prime Minister of Israel.

GK8 raised $4 million in a seed funding round last September to build its cold wallet with “hot” wallet functionalities. The firm says its clients, including eToro, manage more than $1 billion in cryptocurrencies.

Update: This report has been updated and clarified with additional information from GK8.