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Israeli Startup That Allows Offline Crypto Transactions Secures $4M (#GotBitcoin?)

Israeli cybersecurity startup GK8 has reportedly developed the world’s first offline system for transacting cryptocurrencies. Israeli Startup That Allows Offline Crypto Transactions Secures $4M (#GotBitcoin?)

The new system uses GK8’s proprietary cryptographic techniques that enable instant blockchain transactions of digital assets without any need for an internet connection, Israeli business news publication Globes reported on Sept. 18.

The company raised $4 million in a funding round led by Discount Capital, a venture arm of one of Israel’s three largest banks, Discount Bank, and Marius Nacht, a co-founder of cybersecurity giant Checkpoint. Other investors reportedly included EdenBlock, iAngels, IDEAL-HLS, StratX and the Israel Innovation Authority.

As reported by Globes, GK8’s new cryptographic techniques allowed the company to develop a cold wallet with “hot wallet functionalities,” securing user funds from hackers and cyberattacks.
Unidirectional connection

In a recent interview with Fortune, GK8 CEO Lior Lamesh described GK8’s technology as “ledger agnostic,” hinting that it can be used for Bitcoin (BTC) and other cryptocurrencies. According to Lamesh, G8K is capable of recording transactions on a blockchain in offline mode thanks to “unidirectional connection.”

GK8’s technology is up and running, and is already being used by digital asset trading platform eToro.

Fortune reports that GK8 was founded in 2018 by two members of an Israeli special defense unit that specializes in guarding the country’s digital assets.

According to Silicon Valley-based crypto intelligence firm CipherTrace, cryptocurrency thefts reached $1.2 billion in the first quarter of 2019 — $500,000 less than what was stolen throughout the whole of 2018.

Updated: 1-28-2020

Wallet Creator Offers $250K To Anyone Who Can Crack The ‘Hack-Proof’

Offline cold storage cryptocurrency wallet service provider GK8 is offering a bug bounty of up to $250,000 to the first person who can hack its product.

GK8 — which presents its solution as a “hack-proof digital vault” that needs no direct or indirect connection to the internet — will place 14 Bitcoin (BTC) (over $125,000 at press time) in its wallet.

Anyone who succeeds in breaking into the wallet will pocket its proceeds, plus an additional $125,000 prize.

The bounty program will run from Feb. 3 (9:00 a.m EST) through February 4, 2020 (9:00 AM EST).
Mitigating state-sponsored attacks and APT threats

Israel-based GK8 claims its high-security custody solution for digital asset storage will allow banks and other institutions to fully access and manage their crypto holdings and related information without needing to connect to the net.

The firm’s site claims the product has been designed so as “to minimize the wallet’s attack surface and block attackers’ influence on security-critical components.”

Among the list of risks it aims to mitigate, GK8 has pointed to state-sponsored attacks and stealth APT (advanced persistent threat) cyber threats.

Zcash (ZEC) founding scientist and cryptography researcher Professor Eran Tromer has endorsed the project, contending that the cold wallet solution developed by GK8 will set a new standard for high security cryptocurrency custody offerings. He explained the way in which the firm has designed the wallet with a minimized attack surface, noting that it works by:

“Having only outbound unidirectional communication and then building the rest of the cryptographic protocols around it using multi-party computation, validation protocols, the transmission of policies to the environment, all while preventing the injection of malicious inputs from the internet back into the cold wallet.”

High Stakes

In an industry that must always keep one step ahead of potential threat vectors, bug bounty programs serve as a useful “stress test” for cryptocurrency firms to probe the security of their solutions.

In Dec. 2019, the AirSwap decentralized exchange protocol announced its launch of a bug bounty program with rewards of up to 20,000 Dai (DAI), without setting a time limit for bug-finders.

Earlier, in October, MakerDAO had been prompted to fix a critical bug that could have resulted in a complete loss of funds for all platform users. HackerOne user lucash-dev had disclosed a report revealing a critical bug in MakerDAO’s planned upgrade, and was rewarded for the effort with a $50,000 bounty.

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