Immunefi and Graph Protocol Make History with $2.5 Million Bug Bounty

Rewards of up to $2.5 million will be available to those able to identify smart contract vulnerabilities through The Graph Foundation’s new initiative.

By
Dardania Havolli
on
August 11, 2021
Category:
Blockchain News

Immunefi Offering Mutually Beneficial Route to Nullify Exploits

In an official Medium announcement on August 10th, Immunefi revealed that The Graph had become the latest project to join with the world’s largest bug bounty in history. 

The program went live on August 4th with a maximum reward of $2.5 million to be paid in $GRT. This event is setting a new standard in DeFi as protocols continue to experience exploits.

“The Graph Protocol has collaborated with Immunefi to launch the world’s largest bug bounty program in history.” Immunefi announced via Medium, they were more than pleased with the development: “Setting an example for the rest of the industry for what prioritizing security looks like.”

The bug bounty program will look toward some of the more prevalent threats to blockchain systems, such as the loss of user funds, data leaks, and more dangerous situations that involve code tampering and service degradation among other things. 

(Source)


How Do The Rewards Work?

The rewards are calculated through Immunefi’s five-level scale, which ranges in severity of possible exploit, from ‘critical’ to ‘none’. 

The most dangerous issues identified, those that are deemed ‘critical’, are eligible for rewards of up to the incredible $2.5 million stated. The rewards themselves are paid in Graph tokens (GRT) and distributed accordingly. 

The team explained that the reward is based on the potential economic damage, meaning the loss of funds owned by users. This of course is an exceptionally important matter, as offering reassurance to potential users can also prompt more investment to a degree that will eclipse the aforementioned $2.5 million.

(Source)


How to Register?

The registration process is fairly simplistic. Eligibility for bounties depends on bug bounty hunters first registering through The Graph Foundation’s KYC Platform.

Therein you will be able to submit bug reports that include the necessary logs and data to Immunefi, after which you have the opportunity to win a reward. Submissions are required to include the documents and coding that reproduce the vulnerabilities, as well as advice on how the bugs can be altered and fixed. 

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Dardania Havolli

Dardania is an experienced researcher, editor and writer who is currently completing his PhD in Creative Writing. He is passionate about blockchain technology and the impact it will go on to have on our lives.

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