- Balancer Labs launches a bug bounty worth $2 million.
- The bounty will reward hackers who report bugs in Balancer V2.
- Vulnerability tests for Balancer Labs will take place in late April.
Balancer Lab has launched a bug bounty offering a 1,000 worth of ETH ($2 million) bounty prize to anyone who finds report bugs in Version 2 of its decentralized finance (DeFi) protocol.
The bug bounty will incentivize white hat hackers who report any bugs in Balancer V2. This is the next iteration of the automated portfolio manager and liquidity provider.
DeFi platforms such as Balancer Labs are highly vulnerable to hacks and theft. Hence, Balancer Labs vulnerability tests are scheduled for late April, while further instructions are available on its website.
According to Balance V2, the vulnerabilities are set in a way from critical to low. More so, the critical severity reports will receive 1000 ETH and low severity reports will get 5 ETH.
Balancer Labs CEO Fernando Martinelli said,
“Our bug bounty is innovative in that it scales as ETH goes up, in correlation with the broad crypto market and likely with the total value locked in Balancer protocol…The more there is at stake, the higher we believe our bug bounty rewards should be.”
Even more, bug bounties are a highly attractive revenue stream for security researchers. And also an efficient method for tech companies to spot their product weakness.
Based on a CipherTrace report, crypto-related hacks in Q2 2020 were from DeFi platforms. This makes 14% of the total crypto hacked, amounting to $47.7 million. Recently, DeFi platform DODO DEX lost $3,800,000 in a cyber attack.