MakerDAO launches greatest ever computer virus bounty with $10M reward

Immunefi’s greatest computer virus bounty to this point goals to reduction MakerDAO pinpoint doable vulnerabilities in its fascinating contracts and apps to forestall monetary losses.

594 Total views

35 Total shares

MakerDAO launches biggest ever bug bounty with $10M reward

MakerDAO has launched that it will birth offering a most of $10 million bounty to white hat hackers and cybersecurity specialists who point out legit security threats in its fascinating contracts.

Maker’s (MAKER) knowing to entrance-speed attacks on its fascinating contracts is the very best ever on the computer virus bounty platform Immunefi. In actuality if somebody claimed the lot, it could in all probability maybe well equal the total quantity of $10 million that Immunefi has paid out to this point from tantalizing and sluggish events. Its online page claims the bugs figured out own averted up to $20 billion in damages from hacks.

Whitehat hackers stand to invent payouts ranging from $1,000 for low-stage vulnerabilities idea to a most of $10 million for excessive considerations exhibit in Maker’s fascinating contracts and apps. The payouts will doubtless be made in DAI stablecoins. The following greatest computer virus bounty on Immunefi is a $3.3 million bounty from Olympus DAO.

MakerDAO is the community that governs how DAI is collateralized and spent from Maker’s treasury. DAI is within the intervening time the fifth greatest stablecoin with a $9.7 billion market cap in step with CoinGecko.

The Maker Basis had beforehand controlled aspects of governance on Maker earlier than its CEO and founder Rune Christensen launched the dissolution of the foundation in July 2021, making the DAO “entirely self-ample”.

Immunefi co-founder Travin Keith acknowledged in a Feb. 11 assertion,

“We’re delighted to negate one of the most foremost pillars of our mandate, which is to birth and assign a computer virus bounty program that can reduction MakerDAO place particular its safety.”

This novel computer virus bounty comes at a time when fascinating contract exploits appear to be on the amplify with hundreds of thousands and thousands of dollars in losses over the previous two weeks on my own. The day earlier than this day, hackers withdrew over $10 million from Dego Finance thru a fascinating contract exploit.

Associated: ImmuneFi file $10B in DeFi hacks and losses during 2021

On Feb. 7, token bridge’s fascinating contracts own been hacked, causing $4.4 million in losses. On Feb. 2, the Wormhole token bridge’s fascinating contracts on Solana (SOL) own been exploited to the tune of $321 million, which is the very best single loss in a hack to this point this yr.