Zengo Wallet has initiated an unconventional security challenge, inviting white-hat hackers to find vulnerabilities by attempting to empty a wallet containing 10 Bitcoin. The event, announced on January 7th, starts on January 9th and runs until the morning of January 24th. The wallet address will be revealed on January 9th with 1 Bitcoin, and additional Bitcoins will be added progressively, totaling 10 Bitcoins by January 21st.
The challenge includes three security factors, with the first factor provided on January 14th and the second on January 21st. Hackers have until January 24th to breach the wallet. If successful, they will claim the 10 Bitcoin prize.
Zengo claims their wallet is free from seed phrase vulnerabilities. Instead of storing a seed phrase or private keys, the wallet employs multi-party computation (MPC) to sign transactions, creating two secret shares stored separately on the user’s mobile device and within the MPC network.
User shares are backed by three-factor authentication (3FA), requiring access to an encrypted backup file in Google or Apple accounts, the email used to create the wallet account, and facial recognition on their mobile device to reconstruct the shares.
This innovative approach to security and user authentication highlights Zengo’s commitment to providing a secure and user-friendly cryptocurrency wallet experience, challenging hackers to test the robustness of their system.