Announced on January 7, the event started on January 9 and lasted until January 24. During this time, hackers who empty the wallet will receive a 10 Bitcoin reward. The amount, which will start with 1 Bitcoin in the account, will be increased during the event.
On January 14, the Zengo team will add 4 Bitcoin to the account by revealing one of the wallet's security factors. On January 21, another 5 Bitcoin will be added and the total amount in the wallet will reach 10 Bitcoin. The second security factor will also be announced at this time.
After the second security factor is announced, hackers will have until January 24 to hack the wallet. Whoever succeeds in this time will win the prize.
The Zengo wallet claims to have no seed phase (seed word) vulnerabilities. Wallet transactions are based on a multipartite computing network, creating two separate secret shares. One of these shares is stored on the user's device and the other on the network. Users use three-factor authentication for account recovery. This is based on the email address they created the wallet with, a backup file and a facial scan.