AlphaBeta

"Hack Wallet" - good solution for exchange security?

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The Eobot cryptocurrency exchange has an interesting policy for storing customer coins to protect against the possibility of their site being hacked:

Quote

What happens if Eobot gets hacked?
We have a 53 BTC "hack wallet" designated specifically for our users in the event we get successfully hacked and lose customer's coins. This is a "cold wallet" and not accessible from the codebase. This wallet is separate from our main site's cold wallet, holding 182 BTC. We will always make all attempts to repay customers in the event of our negligence, so this is an additional buffer above and beyond. For instance, let's say our DOGE wallet has a vulnerability and we lose all of our user's DOGE balances and funds. We would dip into the 53 BTC "hack wallet" set aside specifically for this purpose, which is meant to help ease any customer concerns.

Hacking and Site Security
We are one of the few Bitcoin related sites that has stood the test of time. We have been operational since May 2013, and have never suffered a critical attack. Below you may read more about our potential bounties for hackers to test our system, as well as how we will deal with any successful breach.

Hackers Bug Bounty
- Our site is secure, since the biggest incentive we can offer is cold hard cash/coins. Our current hot wallets combined hold a total of $138679 worth of coins, so if you can penetrate our system you would get that as your payout. If you succeed, please tell us how, so we can fix it! 

- We have a bug bounty program for smaller bugs, so contact us for details or visit us at HackerOne and submit bugs there! 

What do you think of this approach? Is it a good idea to have a separate wallet for use in the event of a hack? Or does this incentivize the wrong kind of behavior?

hacker-fund-eobot.png

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