Immunefi says it has facilitated $66M in bug bounty payouts to whitehats since inception

In response to a brand new report launched on Dec. 21, blockchain safety agency Immunefi stated that it has processed greater than $65,918,994 crypto bounties paid to moral hackers over 1,248 studies since its inception on Dec. 9, 2020. Internet 3.0 initiatives listing bounty packages on ImmuneFi to encourage whitehat hackers to report vulnerabilities and declare financial rewards, which the corporate then facilitates.

The payouts look like concentrated in nature, with bounty packages operated by Wormhole, Aurora, Polygon, Optimism, and an undisclosed agency accounting for $30.2 million value of rewards up to now 12 months. The median payout was $2,000, and the typical payout was $52,800. A small variety of crucial vulnerability bug studies obtained the very best rewards. 

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“A $5,000 bounty payout for a crucial vulnerability may go within the web2 world, for instance, however it doesn’t work within the web3 world. If the direct lack of funds for a web3 vulnerability may very well be as much as $50 million {dollars}, then it is sensible to supply a a lot bigger bounty dimension to incentivize good habits.”

By way of vulnerability notifications, Sensible Contracts points took the lead, with a complete of 728 submissions, accounting for 58.3% of paid studies. In the meantime, the Web sites and Functions and Blockchain/Distributed Ledger Expertise (DLT) classes totaled 488 submissions (39.1) and 32 submissions (2.6%), respectively. Curiously, regardless of having a excessive variety of submissions, Web site and Functions studies solely represented 2.9% of whole whitehat payouts, whereas Sensible Contract bugs accounted for 89.6% of funds.

The bounty packages detected excessive vulnerability studies, such because the case in Pods Finance, for a logic error that allowed for theft of yield or abuse of the rewards system on the protocol. One other consists of Mushrooms Finance’s vulnerability which may very well be probably exploited by way of a miner-extractable worth assault with flash bots.

The report additionally devoted a portion of ransom evaluation, revealing that malicious hackers have returned $32.7 million in funds illicitly gained from decentralized finance (DeFi) protocols throughout 5 particular conditions in 2022. Hackers have saved $6,44 million in whole ransom funds. Some specialists say that the cost of ransom to hackers quantities to giving into extortion, however almost all agree that it is significantly better to instate a bug bounty program ex ante facto. Immunefi presently provides $144 million in bounty rewards by Internet 3.0 initiatives listed on the platform.