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Bancor Has Set A $1 Million Reward For Bug Bounty

With bug bounties becoming more important to the success of new crypto protocols, Bancor Protocol has offered a $1 million reward to anyone who can detect serious vulnerabilities to its network before it is upgraded.

“As we get close to the B3 launch, we invite developers and whitehat hackers to review the code and try to find bugs in exchange for up to USD 1 million in rewards,” On their official Medium channel, the team wrote. 

The Bprotocol Foundation will decide on the rewards for identifying bugs, which will be based on the severity of the threats.

Identifying significant risks can earn you up to $1,000,000 in incentives, while identifying high and medium threats will earn you $40,000 and $5,000, respectively. Lower-threat risks will be compensated with $1,000.

“Vulnerabilities disclosed prior to the formal launch of Bancor 3,” according to the protocol.” will receive bigger rewards. Bancor 3 is currently scheduled to go live in the middle of May and is a “fundamental re-design of previous Bancor versions.”

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Bancor 3 is supposed to increase DeFi’s composability through improving integrations and interactions.

Aside from the bug bounty, Bancor is conducting a thorough assessment of its code to identify any vulnerabilities. OpenZeppelin, Certora, and Peckshield, all leaders in blockchain security, are conducting several audits.

Projects have been developing into new strategies to secure assets as the bitcoin market cap has risen. Protocols are rewarding the public to disclose problems in addition to paying security experts and using the services of blockchain security organisations.