MakerDAO recently launched their latest payout program for crypto smart contract flaws. The organization is dedicated to the future of blockchain-based decentralized technologies, and they believe that conciliatory design and security are a must. They have just announced they will be giving out $10 million in rewards.
An instant multimillionaire can be made by exploiting flaws in DAI smart contracts, websites, and apps
A program that promises record-breaking payouts of up to $10 million has been launched by MakerDAO, which maintains and regulates the DAI cryptocurrency..
Defining reward scales for smart contracts versus applications and websites is different at Decentralized Finance (DeFi).
Payouts will also be determined based on how much an attacker would realistically be able to steal from a vulnerability.
Ethics hackers will be compensated in DAI, which is a stablecoin. As a stablecoin, DAI is pegged to a ‘stable’ reserve asset, specifically the US dollar, and this is facilitated through an automated smart contract system based on Ethereum.
It is managed by Immunefi, a crowdsourcing platform, and is part of the company’s ‘Security Core Unit’, which was launched in December 2021.
Derek Flossman, head of the protocol engineering core unit at MakerDAO, said, “We take the security of our smart contracts and Maker protocol very seriously, and have a lot of confidence in Immunefi.”.
The number of core contracts within the bug bounty has expanded and we look forward to working with Immunefi on building new layer one functionality and scaling to new multichain deployments.”
Getting Started with Bug Bounties in the Blockchain Space
There are increasingly more bug bounties in the blockchain arena, likely due to the billions of dollars’ worth of assets at stake, which are frequently stolen by fraudsters and malicious hackers.
On February 8, the US Department of Justice announced that a married couple had been arrested on money-laundering charges for allegedly accumulating $4.5 billion in bitcoins following a 2016 hack of the digital currency exchange Bitfinex.
Blockchain tech firm Polygon accounts for the biggest bug bounty payout to date.
According to Gerhard Wagner, an ethical hacker, if exploited successfully, this vulnerability would have enabled attackers to double the value of their cryptocurrency withdrawals up to 233 times.
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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.
