Innerworks and Bittensor Launch RedTeam to Enhance Cybersecurity Solutions
As artificial intelligence (AI) reshapes the digital landscape, cybersecurity challenges have intensified, with bots surpassing human users online. In response, Innerworks, a leader in bot detection, and Bittensor, a blockchain machine learning innovator, launched RedTeam, a platform aimed at gamifying cybersecurity to combat AI-driven bot threats.
According to Innerworks, RedTeam employs a decentralized model that rewards ethical hackers for identifying vulnerabilities, transforming their solutions into effective defenses. This initiative aims to address increasing online security complexities.
Introducing RedTeam
RedTeam merges Innerworks’ bot detection expertise with Bittensor’s blockchain technology to pinpoint weaknesses in current bot detection systems. White-hat hackers are rewarded with TAO, Bittensor’s native cryptocurrency, for their contributions.
Results from these efforts are integrated into an open-source library, enabling security models to adapt to evolving threats, such as bots mimicking human behavior or circumventing standard detection methods.
RedTeam functions through three interconnected roles: miners, validators, and subnet owners. Each group earns TAO based on the effectiveness of their solutions and response times to challenges.
Innerworks founder Oli Q stated that “RedTeam Subnet will turbocharge the creation of market-leading cybersecurity tools by harnessing the collective intelligence of ethical hackers,” asserting that the platform will drive the next generation of cybersecurity tools.
“By incentivizing developers, Red Team Subnet will accelerate the creation of market-leading cybersecurity tools that can then be immediately adopted in the real world,” he added.
Cybercriminals Stole $2.2 Billion in 2024
The launch of RedTeam coincides with rising cybercriminal activities targeting the cryptocurrency sector. In 2024, criminals stole over $2.2 billion worth of crypto assets.
Blockchain analytics firm Chainalysis reported 303 hacking incidents throughout the year, affecting both decentralized and centralized platforms.
Significant cryptocurrency thefts have persisted, with hackers stealing at least $1.5 billion annually in 2018, 2021, 2022, and 2023. The 2024 figures continue this trend, marking the fifth consecutive year reaching this milestone.
In 2024, stolen amounts increased by 21.07% compared to 2023, with 303 incidents reported, up from 282. Most thefts—$1.58 billion—occurred in the first seven months of 2024.
Decentralized finance (DeFi) platforms have historically been major targets for hackers due to rapid growth often outpacing security measures. However, in 2024, centralized platforms also became significant targets, with notable cases including the $305 million theft from DMM Bitcoin and $234.9 million stolen from WazirX.