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Friday, December 3, 2021

White Hat Hacker Paid $1 Million in Bounty Rate

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  • Belt Finance has paid over $1 million to a white hat hacker who stumbled on a chief vulnerability in its protocol.
  • This is the very most fascinating bounty in the history of decentralized finance (DeFi).
  • Bug bounty applications lend a hand slit abet DeFi security exploitations.

Belt Finance has reportedly paid over $1 million to a white hat hacker who stumbled on a chief vulnerability in the protocol. The mission claims that the vulnerability can pick up place over $10 million of capital at possibility.

Belt Finance, a stableswap automated market maker (AMM) protocol with multi-strategy yield optimizing on Binance Dazzling Chain, claims to pick out up compensated a white hat hacker $1,050,000. Ostensibly, right here is the very most fascinating bounty in the history of decentralized finance (DeFi) ever paid to a security skilled.

Alexander Schlindwein, a crypto worm bounty hunter, identified a vulnerability in Belt Finance’s protocol and told the personnel. In commerce, Immunefi, a main worm bounty platform, paid Schlindwein $1 million. Binance Dazzling Chain’s Priority One program also granted Schlindwein $50,000 for his efforts.

Schlindwein urged his story in an interview with Cointelegraph. “I went by the list of worm bounties on Immunefi and picked Belt Finance as the subsequent one to work on. While I was once finding out their clear contracts, I seen a doable worm in the interior bookkeeping, which retains observe of each person’s deposited funds,” he said, at the side of:

Playing the assault by with pen and paper gave me extra self assurance in the existence of the worm. I persevered by producing a upright proof-of-idea [PoC] which positively confirmed its validity and economic injury.

Bounty Applications to the Rescue

2021 has considered a alternative of hacks and exploitations of DeFi protocols. Correct as of late, DeFi protocol Vee Finance witnessed a hack that resulted in the lack of $35 million price of BTC and ETH. Prior to that, on August 10, Poly Network was once exploited for over $600 million, marking the very most fascinating hack in DeFi history.

In mid-July, the FBI even warned cryptocurrency users and commerce operators over a that it’s possible you’ll be call to mind rise in hacking activity. Assist then, the enforcement company requested every person in crypto to be extra vigilant and watchful of suspicious actions.

No subject the entire measures taken, DeFi’s security breaches remain a favorite pronounce. On the other hand, worm bounty applications can now lend a hand alleviate piece of the complications. Schlindwein said:

I am strongly convinced of the importance of worm bounties and initiatives equivalent to bounty funds. DeFi security consists of just a few layers, initiating with look overview and unit testing to exterior audits and formal verification. Bug bounties are the closing line of defense must an discipline streak by the overlying layers with the doable to stay a devastating hack whereas as a replacement severely fixing the topic and compensating the finder.

Moreover, it’s turning into extra and extra laborious to launder stolen funds from DeFi protocols, as considered in the Poly Network assault. Subsequently, by becoming a member of bounty applications, hackers can aloof use their capability but in a shimmering arrangement.

Michael Maren
Former marine biologist who likes to spend as much time in the tropics as possible, due to a horrible time I once had in Alaska. Brrrr.

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