Cardano responds to DeFi hacks doubling its bug bounty for security vulnerabilities

• Cardano Foundation has doubled bounty for hackers to find bugs in the Ethereum-killer blockchain.
• The largest hacks in the DeFi ecosystem have wiped out billions from the crypto market capitalization. 
• The number of active addresses on the Cardano network has surged, fueling investors’ bullish outlook. 
• Analysts believe that bullish catalysts could fuel a Cardano price rally.

Following the $322 million DeFi hack, cryptocurrency networks have offered higher bug bounties to protect against attacks. The Cardano network recently doubled its bug bounty, inviting hackers to spot security vulnerabilities on the blockchain. 

Analysts believe Cardano price could recover from the drop 

The Cardano blockchain has doubled down the bug bounty to secure its network from bad actors, inviting hackers to identify vulnerabilities in the network. Cardano network is keen on securing its blockchain against bad actors. 

Previously identifying a security vulnerability earned the hacker a $300 reward. This has now been increased to $600; medium vulnerabilities would earn $2,000 now while high risk ones, $6,000.

The new bug bounty program introduces a four-level reward system for security vulnerabilities identified in the Cardano wallet or node. Critical vulnerabilities earn $7,500 as the bug needs immediate attention. 

Bugs identified on Cardano nodes would attract a higher reward, with critical vulnerabilities attracting $20,000 in bug bounty. 

Enhanced security on the Cardano network could fuel the altcoin’s demand. Another bullish catalyst is the rise in the number of active addresses on the Ethereum-killer blockchain. 

Based on data from the crypto intelligence platform IntoTheBlock, the number of new addresses has increased by 167%. A sustained increase is historically associated with a spike in Cardano price. 

FXStreet analysts have evaluated the Cardano price trend and predicted that the altcoin could climb to $1.30. The Ethereum-killer recently found a bottom, Cardano price is ready for a rally after months of a downtrend.