Turn off Solana and win $400,000 - Solana Foundation executive announces offer

Solana has been touted as an Ethereum killer, but as with every blockchain in the crypto market, the network does not come without its fair share of issues. While many who get hacked or exploited deal with the issues after the fact, Solana intends to get a step ahead by making a very lucrative offer to white hat hackers.

Solana Foundation will pay to be ‘exploited’

Solana Foundation's Head of Developer Relations, Jacob Reech, took to X, formerly Twitter, to make an announcement. Reech tweeted that there is a $400,000 reward for anyone who can find the code that can turn off Solana. Not only this, he encouraged people to find it. 

However, this is not treachery, as the reward is part of the security bug bounties that the Solana Foundation offers to white hat hackers. The Foundation has posted a bunch of other similar bounties on Github for those who can detect various issues in the blockchain. This included $2 million in locked SOL tokens (locked for 12 months) if the white hat hacker can discover the vulnerabilities that may cause:

1. Theft of funds without the user's signature from any account
2. Theft of funds without users' interaction in system, token, stake, vote programs
3. Theft of funds that requires users' signature - creating a vote program that drains the delegated stakes.

Another $1 million bounty was offered to those who could expose any consensus/safety violation. Among these was the $400,000 bounty that Reech tweeted about, which is to figure out the vulnerability that could allow remote attacks that may partition the network.

Solana price at a critical level

Solana price at the time of writing could be seen hovering right above the critical support line marked at $21.07, which stands in confluence with the 50- and 100-day Exponential Moving Average (EMA). Already down by 10.26% since the beginning of the month, the altcoin is trading at $21.43 and losing this support level could send SOL to test the support level marked at a four-month low of $17.34.

SOL/USD 1-day chart

Nevertheless, a bounce back in Solana price is also likely, given the cryptocurrency noted a slight increase in value at the moment. However, in order to invalidate the bearish thesis, SOL would need to flip $24.00 as a support floor, which is crucial for the altcoin to initiate a recovery rally toward the 2023 high of $27.44.