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HomeCrypto NewsCardanoHoskinson to Conduct $1,000,000 Cardano Wallet Experiment to Test Security

Hoskinson to Conduct $1,000,000 Cardano Wallet Experiment to Test Security

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Charles Hoskinson, a Cardano (ADA) co-founder, says he’s ready to gamble on a future security feature for the brand-new Lace wallet.

The lightweight multi-chain crypto wallet Lace, created by Cardano creator Input Output Hong Kong (IOHK), promises to effortlessly link everything in Web2 and Web3 to a single interface.

In a new YouTube video, Hoskinson claims that the current hack on the password management company LastPass is “extraordinary” to him.

An unidentified user acquired access to a third-party cloud storage service that LastPass utilizes to hold archived backups of its production data; the company stated in an update last week.

Read more: Cardano founder criticizes Buterin for suggesting a new Twitter CEO

According to Karim Toubba, CEO of LastPass, the hacker acquired “basic customer account information and related metadata including company names, end-user names, billing addresses, email addresses, telephone numbers, and the IP addresses from which customers were accessing the LastPass service.”

Hoskinson calls it a “screw up” on LastPass’s part and says it’s “pretty dirty what happened.”

Hoskinson says,

“When… Lace wallet starts supporting PGP encryption of paper wallets; I’m going to take some ADA – probably a million dollars worth of it – put it into a paper wallet encrypted with PGP, and publicly post it on my Twitter so you guys can try to break it. I’m very confident in those standards. Master passwords, even if they’re quite long, it’s just a dead standard, and it shouldn’t be done anymore.”

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