The Zengo Wallet Challenge: Testing the Security of the Most Secure Crypto Wallet

The Zengo Wallet Challenge: Testing the Security of the Most Secure Crypto Wallet

In an audacious move, keyless crypto wallet maker Zengo has thrown down the gauntlet to hackers by inviting them to steal 10 BTC and a valuable NFT. The challenge, dubbed the “#ZengoWalletChallenge,” will span 15 days starting from January 9th. With a commitment to transparency and confidence in their product, Zengo aims to prove that their wallet is the most secure option in the market. Will any hackers be able to crack the code and walk away with a fortune?

Zengo’s team has declared their intention to make things easier for potential attackers while making it harder for themselves. Throughout the 15-day competition, they will share two of the three recovery factors required to access the wallet. On the first day, 1 BTC will be deposited along with the revelation of the bitcoin and ethereum addresses. On day six, an additional four bitcoin will be added, accompanied by the first hint for the security factor. Finally, on day thirteen, the remaining 5 BTC will be added, and the second hint will be unveiled. The challenge will conclude on January 24th, with the announcement of winners, runners-up, and any insights gained from the competition.

Zengo proudly highlights its spotless track record, boasting over a million customers since 2018 with no instances of hacked, drained, or phished wallets. Additionally, the company has undergone six audits in the past five years, providing further reassurance of its commitment to security. In their own words, Zengo argues that their wallet is more secure than traditional single-factor hardware wallets.

Unlike other wallets, Zengo does not have a single point of failure or vulnerability due to seed phrases. The wallet creation process combines a 2-of-2 Multi-Party Computation (MPC) framework, where both the Zengo app on the user device and the Zengo server independently generate their Secret Share. Even if a malicious hacker manages to access one Secret Share, it would be rendered useless, as they would be unable to spend user funds. The bitcoin waiting to be stolen during the challenge is securely maintained on the blockchain, enticing would-be hackers to test their skills.

In a departure from standard practice, Zengo aims to reward individuals who attempt and fail to hack their wallet. They encourage participants to create content discussing Zengo’s MPC cryptography, recovery process, and advanced features. Three awards will be given out each week during the challenge. The first-place winner will receive $750 worth of bitcoin, the second-place winner will receive $200, and the third-place winner will receive $50. All prizes will be deposited directly into the winners’ Zengo Wallets. However, if no relevant content is shared during the competition, no winners will be announced.

Zengo specifies that relevant content can include a 5-15 minute YouTube video or a long-form post on platforms such as a blog, Twitter, LinkedIn, or Medium. The content should describe the author’s attempts to hack the Zengo Wallet and discuss Zengo’s unique approach to achieving secure self-custody. By encouraging participants to delve into the intricacies of the Zengo wallet, the company hopes to foster a deeper understanding of their cutting-edge security measures.

The Zengo Wallet Challenge represents a bold test of security and an opportunity for hackers to prove their mettle. With 10 BTC and a valuable NFT up for grabs, the stakes are high for those brave enough to take on the challenge. Zengo’s commitment to transparency and confidence in their product is evident, as they put their money where their mouth is. Only time will tell if any hackers will be able to strike it rich, or if Zengo’s claims of being the most secure crypto wallet are truly justified.

Blockchain

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