Crypto security experts earn $430,000 in salaries amid 2022 hacking spike

The rise of crypto hacks in 2022 has skyrocketed the demand for blockchain security experts, with some auditors earning over $430,000 a y...

The rise of crypto hacks in 2022 has skyrocketed the demand for blockchain security experts, with some auditors earning over $430,000 a year.

Speaking to Cointelegraph, the founder of recruitment firm CryptoRecruit, Neil Dundon, said that while security auditing services have long been in demand, the rise of decentralized finance (DeFi) protocols has opened up auditors the ability to review potentially vulnerable smart contracts:

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

A Chainalysis report earlier this month revealed that hackers mined over $2 billion of the only cross-chain bridge protocols this year.

In an Aug. 22 Bloomberg report, CEO of decentralized lending service Morpho Labs, Paul Frambot, said crypto security audits have gone from a “nice to have” business expense to a “must have” expense.

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

The rise in demand for crypto security auditors has seen a plethora of “for hire” advertisements in the industry.

According to job offers job On Cryptocurrency Jobs, blockchain audit companies are primarily looking for experienced programmers with an understanding of blockchain technology, cybersecurity, and cryptography.

Although most security audit salaries are between $100,000 and $250,000, some companies are willing to Pay more than $430,000 a year, according to job site

Crypto recruitment firm Plexus Resource Solutions Zeth Couceiro made a similar comment to Bloomberg, noting that in some cases blockchain security auditors have raked in as much as $400,000 a year.

Couceiro added that these auditors tend to earn about 20% more than developers focused on Solidity, which is the most popular programming language used to deploy smart contracts on Ethereum and other blockchains compatible with the Ethereum virtual machine. (EVM).

Related: What is a smart contract security audit? A beginner’s guide

Among the main vulnerabilities that security auditors look for in smart contracts include timestamp dependency, reentrancy attacks, random number vulnerability, and misspellings.

The Bloomberg report noted that venture capitalists have already poured $257 million into crypto security audit firms this year, a 38.9% increase from all of 2021, according to CB. Insights.