CCTF: Major crypto security event returns to Dubai

CCTF, the largest hacker competition for blockchain hackers, is returning to Dubai in May, the UAE is emerging as a regional hub for crypto activities.

The finalists of the CCTF, which purports to be the world’s largest “legal” crypto hacking competition, will compete on a yacht in the Emirati city for a $15,000 prize. The competition is organized by the Estonia-based cryptocurrency consultancy Cryptall. The first round took place on April 8, Cryptall said in a press release on April 27.

CCTF is the largest competition in the field of blockchain security, and the authors focus on creating realistic challenges that cryptographers, auditors, pentesters, and security engineers face on a daily basis, including Bitcoin, Ethereum, and Polkadot-related tasks.

CCTF gets its name from “capture the flag” hacking competitions, whereby hackers solve a series of challenges for points. Participants in the Dubai event will solve cryptocurrency and blockchain puzzles to this end. Meanwhile, blockchain-based cryptocurrencies are created by solving a series of complex math problems in a process called “mining,” which is used for crypto transactions.

CCTF also held a competition in Dubai last November.

A major crypto security event is another example of the UAE’s ascendance as a global crypto hub. Lately, several cryptocurrency firms have decided to open offices in Dubai and Abu Dhabi, including Kraken, Bybit, and Crypto.com.

According to a recent study, as many as one-third of people in the UAE own cryptocurrency.

The UAE is also seeking to become a hub for other types of advanced technology like artificial intelligence (AI). In March, a Dubai economic zone launched a licensing program for companies working in AI. The Emirati government also used AI to contain COVID-19 cases.

The Global AI Index from the London-based Tortoise ranks the UAE third in the Middle East – behind Israel and Saudi Arabia. The index is based on investment, innovation, and implementation of AI.  A growing number of crypto traders are also using AI for crypto investing.