DeFi Dev Offers $320k to Whoever Finds Critical Bug in Ethereum Dapp

ArmorFi’s CTO Robert Forster is partnering with bug bounty platform Immunefi to personally offer the equivalent of $320k to anyone who can find a critical smart contract bug in any Ethereum ecosystem project.

The program, which is hosted on Immunefi and called the R Bounty, is designed to encourage responsible disclosure of critical vulnerabilities. The announcement comes days after Alpha Homora v2 was hacked for $37.5M, while Yearn Finance lost $11M in an exploit last month. Forster will be giving out the reward in Armor tokens, in a personal capacity.

More specifically, the R Bounty program covers critical smart contract bugs that could result in the loss of at least $1 million USD in user funds. If a project already has a bug bounty program, this reward will come on top of whatever reward that project issues.  

Immunefi

The bounty is the latest in a series of efforts to improve security in DeFi. Earlier this week developer Emilio Bonassi launched ReviewsDAO, a forum for connecting projects with white hat hackers and security experts. Immunefi launched in December with the goal to have “sclaing bug bounties,” or payouts should priced as a percentage of the economic damage they would have caused. 

Forster came up with the idea for the R Bounty program after ArmorFi’s own bug bounty program saved the project from a critical vulnerability. Earlier this month, Alexander Schlindwein, CTO of IdeaMarkets, found and disclosed a critical bug in Armor’s smart contract code to Immunefi. This vulnerability could have resulted in all funds being drained from ArmorFi’s insurance coverage pool. 

Get smarter on DeFi and Web3

Get the 5-minute free newsletter keeping 60K+ crypto innovators in the loop.

No spam. Unsubscribe anytime.

Trending Now

CelsiusWithdrawalsPaused
Celsius Defies Fear of Implosion as Token Soars 218%
MarketsPump
Crypto Markets Sustain Rally After Monster Rate Hike
UniswapLPFeesPassETH
Uniswap Tops Ethereum in Terms of Daily Fees

Recent Jobs