Crypto Security Experts Are Raking $430K In Salaries Amidst Hack Surge

Crypto security experts are raking $430,000 in salaries amidst a hack surge. Because of the aforementioned hack surge, which we have witnessed this year, the demand for blockchain security specialists has skyrocketed, with some audits of security systems earning up to $430,000 a year.

While security audit services have always been in demand, the advent of decentralized-finance (DeFi) protocols has offered more chances for auditors to analyze potentially insecure smart contracts, according to CryptoRecruit founder Neil Dundon:

“There’s always been a demand for security auditors […] But since DeFi apps have been out there, there has been quite a big increase in demand for security audits across the space because one small vulnerability in the protocol can potentially lead to the loss of hundreds of millions of dollars.”

According to a Chainalysis analysis released earlier this month, hackers plundered more than $2 billion using cross-chain bridge protocols alone this year.

According to a Bloomberg story published on August 22, CEO of decentralized loan provider Morpho Labs Paul Frambot stated that crypto security audits have progressed from a “nice to have” to a “must have” business expenditure.

“Security is, in my opinion, not taken sufficiently seriously in DeFi,” he said.

The increased need for crypto security auditors has resulted in a flood of “for hiring” adverts throughout the sector.

According to job postings on Cryptocurrency Jobs, blockchain audit firms mostly want skilled programmers with knowledge of blockchain technology, cybersecurity, and cryptography.

According to Web3.career’s employment board, while most security audit salaries vary between $100,000 and $250,000, certain firms are ready to offer up to $430,000 per year.

According to Zeth Couceiro of cryptocurrency employment agency Plexus Resource Solutions, blockchain security auditors may earn up to $400,000 per year in some situations. There is no doubt that crypto security experts are raking $430,000 in salaries amidst a hack surge.

Couceiro went on to say that these auditors often earn 20% more than Solidity-focused coders, the most common programming language used to build smart contracts on Ethereum and other Ethereum Virtual Machine (EVM) compatible blockchains.

Timestamp dependence, reentrancy attacks, random number vulnerability, and spelling issues are among the top vulnerabilities that security auditors look for in smart contracts.

According to CB Insights, venture capital firms have already put $257 million into crypto security audit startups this year, which is up 38.9% from all of 2021.

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