MakerDAO’s platform, a decentralized stablecoin pegged to the US dollar, is the first fully-functional and scalable decentralized autonomous stablecoin on the market. The Maker Platform is used for peer-to-peer lending, financial derivatives trading and more. In order to ensure that their platform is secure, MakerDAO has launched a bug bounty programme with a reward of $10M USD. This programme will allow anyone with knowledge about vulnerabilities in the Maker Platform to report them anonymously. If a vulnerability is reported to the security team before being exploited by another person, they will receive reward money.
As of today, MakerDAO will offer white hat hackers and cybersecurity specialists a maximum of $10 million bounty for pointing out legitimate security threats in its smart contracts.
Maker (MAKER) has announced plans to run front-end attacks against its smart contracts, the largest in the history of Immunefi’s bug bounty program.
Moreover, claiming the whole lot would be the equivalent of the $10 million Immunefi has paid out so far from active and inactive events. Its website claims that the bugs found have prevented $20 billion in hacker attacks.
There is the potential for whitehat hackers to earn payouts ranging from $1,000 for low-level vulnerabilities found in Maker’s smart contracts to $10,000 for critical issues. Immunefi will pay out in DAI stablecoins. The next largest bug bounty on Immunefi is from Olympus DAO, which paid out $3.3 million.
DAI is currently the fifth largest stablecoin with a market cap of $9.7 billion, governed by MakerDAO, Maker’s community.
Prior to July 2021, the DAO was governed by the Maker Foundation before the founder and CEO of the foundation, Rune Christensen, announced the foundation’s dissolution, allowing the DAO to be “fully self-sufficient”.
Immunefi co-founder Travin Keith said in a Feb. 11 statement,
“We’re glad to announce one of the key pillars of our mandate, which is to launch and maintain a bug bounty program that will help MakerDAO ensure its safety.”
A smart contract exploit was used yesterday to withdraw over $10 million from the cryptocurrency firm Dego Finance. Smart contract exploits appear to be on the rise, with hundreds of millions of dollars lost over the past two weeks alone.
Meter.io’s smart contracts were compromised on Feb. 7, resulting in losses of $4.4 million. Wormhole token bridge’s smart contracts on Solana (SOL) were compromised on Feb. 2, resulting in losses of $321 million, which is the largest single loss in a hack this year.
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Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
