Innerworks and Bittensor launch RedTeam platform, revolutionizing cybersecurity through gamification as crypto hacks surge to $2.2B in 2024.
As artificial intelligence (AI) reshapes the digital ecosystem, cybersecurity challenges have grown exponentially, with bots now outnumbering humans online. In response to this alarming trend, Innerworks, a leader in bot detection, and Bittensor, a blockchain-based machine learning innovator, have teamed up to launch RedTeam, a first-of-its-kind platform designed to gamify cybersecurity to outpace AI-driven bot threats.
According to Innerworks, the platform introduces a decentralized model that not only rewards ethical hackers for identifying vulnerabilities but also transforms their solutions into robust defenses. This initiative is set to redefine how the industry tackles the growing complexity of online security challenges.
RedTeam combines Innerworks’ expertise in bot detection with Bittensor’s blockchain-based machine learning technology to identify weaknesses in existing bot detection systems. The platform rewards white-hat hackers with TAO, Bittensor’s native crypto, for their contributions.
These findings are then integrated into an open-source library, helping security models adapt to evolving threats such as bots mimicking human behaviors or bypassing traditional detection methods.
RedTeam operations are based on three interconnected roles such as miners, validators, and subnet owners. According to the announcement, each of these teams receives TAO based on the effectiveness of their solutions and the time taken to address challenges.
Commenting on the launch, Innerworks founder Oli Q said that “RedTeam Subnet will turbocharge the creation of market-leading cybersecurity tools by harnessing the collective intelligence of ethical hackers.” He believes the platform will lead the next generation of cybersecurity tools in the market.
“By incentivising developers, Red Team Subnet will accelerate the creation of market-leading cybersecurity tools that can then be immediately adopted in the real world,” he said.
Meanwhile, the launch of RedTeam coincides with a surge in cybercriminal activities targeting the cryptocurrency sector. In 2024 alone, these criminals successfully stole more than $2.2 billion worth of crypto assets.
Blockchain analytics firm Chainalysis reported a total of 303 hacking incidents during the year, impacting various areas of the industry, including both decentralized and centralized platforms.
Over the years, significant cryptocurrency thefts have been recorded, with hackers stealing at least $1.5 billion annually in 2018, 2021, 2022, and 2023. The figures for 2024 continue this pattern, marking the fifth year in a row that such a milestone has been reached.
Compared to 2023, the amount stolen in 2024 rose by 21.07%, with 303 incidents recorded compared to 282 the previous year. The bulk of the stolen funds—$1.58 billion—were taken in the first seven months of 2024, from January through July.
While decentralized finance (DeFi) platforms have traditionally been the primary targets for hackers due to their rapid growth often taking precedence over security, 2024 saw centralized platforms becoming significant targets. Among the most notable cases were the $305 million theft from DMM Bitcoin and the $234.9 million stolen from WazirX.
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Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.
