As the crypto sector has grown, so have illicit activities within the space. As adoption rises, so does the criminal element. Therefore, it is no surprise that security experts are in high demand in the emerging asset class’s ecosystem. With the demand comes an increased paycheck. As per the latest reports, blockchain security experts and auditors are pulling in north of $400,000 annually.
Blockchain recruitment firm CryptoRecruit founder Neil Dundon told CoinTelegraph,
“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.”
Dandon acknowledges that there has always been a need for security audit services. However, the emergence of crypto and decentralized finance (DeFi) protocols has opened new avenues for auditors to examine potentially dangerous smart contracts.
Morpho Labs CEO, Paul Frambot, stated
“Security is, in my opinion, not taken sufficiently seriously in DeFi.”
What are crypto/blockchain security experts paid?
The demand for crypto security experts is evident in the rise in job vacancy ads.
According to job postings on Cryptocurrency Jobs, Blockchain audit businesses primarily seek out seasoned programmers with an understanding of blockchain technology, cybersecurity, and cryptography. According to the job board at Web3.career, most security audit salaries are in the $100,000 to $250,000 area. However, certain employers are ready to offer as much as $430,000 a year.
Zeth Couceiro of Plexus Resource Solutions, a crypto recruitment firm, believes in the same. Couceiro noted that blockchain security auditors have been earning up to $400,000 per year in some situations. According to Couceiro, auditors usually earn 20% more than coders concentrating on Solidity, the most popular programming language for deploying smart contracts.
While private companies are capable of paying such high salaries to experts, public agencies handling crypto hacks and thefts are not in the same boat. A recent study by Chainalysis reported that 74% of agencies are not equipped to investigate cases, and they do not have adequate training for the same. Public sector agencies find it harder to pay such exuberant wages and are not as well equipped as their private sector counterparts.