How Polygon Will Seek To Strengthen DeFi With $2 Million Bug Bounty
2021年9月23日 - 3:17AM
NEWSBTC
In the face of an increase in the number of attacks on DeFi
platforms, Polygon has decided to take new measures. The Ethereum
scaling platform recently announced a $2 million bug bounty. In
that way, Polygon expects to “root out and eliminate potential
security flaws”, according to a press release. Only a few months
ago, the DeFi ecosystem experienced one of its biggest hacks when
it lost over $600 million on different platforms. Polygon recorded
an $85 million loss at the time. While Ethereum and Binance Smart
Chain (BSC) recorded a combined estimate of $500 million in losses.
Related Reading | Q&A With Poly Hacker, Hero Or Villain Behind
Biggest DeFi In History? The exploit used by the Poly Network
hacker focused on a blockchain agnostic trading pool called O3
Swap. Ironically, the attacker that perpetrated this hack asked the
projects for more security measures and transparency. The Polygon
network bounty program is live since September 20, 2021, on the bug
bounty platform Immunefi. Focused on DeFi and smart contract
security, the platform will host the program as an “open invitation
to security researchers”. In that way, the project expects to find
and fixed potential security vulnerabilities in the smart contracts
and dApps ecosystem power by Polygon. Thus, the platform seeks to
offer its users more security and protection for their funds. The
bug bounty program will reward white hackers in relation to their
findings and the severity of the potential security vulnerability
discovered. The rewards will range from the $1,000 for “low-level
threats”, the release clarifies”, and $2,000,000 for critical
threats. Related Reading | Polygon Links With Filecoin, How
Users Will Benefit From Free Storage On the other hand, if a white
hacker finds a vulnerability on a dApp, they could receive a reward
ranging from $2,500 to $15,000. Payments will be made in the
following cryptocurrencies: Polygon (MATIC), Ethereum (ETH), or a
stablecoin. How Polygon Will Operate Its Bounty Program Polygon
will leverage Immunefi Vulnerability Classification System. This
mechanism will allow the team to have a threat classification
system according to the potential vulnerability of the network. In
order to be eligible for a reward, white hackers must submit a
report that needs to include certain details about their findings.
For example, reports must have a step-by-step guide so the Polygon
team can reproduce the potential threat and other evidence such as
screenshots and logs. Related Reading | Ethereum Is Ready For
Inevitable Climb Over $10,000, Says Crypto Analyst Data from
research firm Messari claims that over $284 million have been lost
to DeFi hacks since 2019. Thus, why an improvement in this sector’s
security has become a “matter of utmost importance”. Sandeep
Nailwal, Co-Founder of Polygon said the following on their new
bounty program: User security is at the forefront of Polygon’s
ethos. This substantial bounty offering aims to solidify what we
know to be an extremely secure network. On the other hand, founder
and CEO of Immunefi Mitchell Amador said: Bug bounty programs
continue to be an essential part of the security stack for
protecting crypto protocols and user funds locked in their
contracts. We’re proud Polygon chose us among other platforms to
ensure the safety of its protocol, and look forward to our
collaboration. At the time of writing, MATIC trades at $1,21 with a
9.5% profit in the daily chart.
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