Immunefi, a number one bug bounty platform for the cryptocurrency business, has paid out a complete of $65 million to white hat hackers since its founding in 2020.
These moral hackers seek for vulnerabilities in sensible contracts and blockchain initiatives and are rewarded for reporting them to Immunefi. This helps to safe customers’ property and stop dangerous actors from stealing funds.
Good Contract Bugs Account for Majority of Paid Stories
According to Immunefi, 58.3% of the paid reviews had been for sensible contract vulnerabilities, with 728 submissions. There have been 488 submissions for instances within the Web sites and Functions class, making up 39.1% of the full, and 32, or 2.6%, for Distributed Ledger Know-how/Blockchain instances.
Nevertheless, whereas Web sites and Functions had the second highest variety of submissions, they solely accounted for two.9% of the payouts, whereas sensible contract bugs represented 89.6% of the funds.
Some initiatives have paid out extra in bounties than others. Aurora, Wormhole, Optimism, Polygon, and an unnamed firm supplied $30.2 million in funds via their bounty applications in 2021, with a median payout of $52,800 and a median payout of $2,000.
Over $52M Paid This 12 months
In 2022, Immunefi facilitated over $52 million in funds to white hat hackers as a result of improve in crypto hacks that resulted in a lack of over $3 billion in property.
The very best paid bounty of the yr was a $10 million reward for a vulnerability found within the Wormhole decentralized messaging protocol, and one other $6 million was paid for a bug discovered within the Aurora Ethereum-compatible layer-two scaling answer.
Web3 Bug Bounties Greater Than These for Web2
Web3 bug bounties are usually bigger than these for Web2, as a result of giant quantities of capital held in sensible contracts.
As Immunefi explains, “A $5,000 bounty payout for a vital vulnerability may go within the web2 world, however it doesn’t work within the web3 world. If the direct lack of funds for a web3 vulnerability may very well be as much as $50 million, then it is smart to supply a a lot bigger bounty dimension to incentivize good habits.”
Apparently, the Wormhole bounty alone is bigger than the $8.7 million paid out by Google’s Vulnerability Reward Applications prior to now yr.
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