Balancer Labs launches bug bounty program worth $2 million
- Balancer Labs claims the bounty program is the largest ever single reward offered to white hackers.
- The company says low-security reports will receive 5 ETH while critical reports receive 1000 ETH.
- Bounty programs have expanded within the DeFi sector as projects leverage the use of third-party hackers.
Non-custodian portfolio manager Balancer Labs has launched a bounty program with a price money of 1,000 ETH, valued at $2 million.
Balancer Labs added that it hopes the price will serve as a strong incentive to white hat hackers to search for and report bugs within the Balancer V2 Vault architecture, which will be open to developers from Tuesday.
Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.
The company stated on its website that vulnerabilities are set on a scale from “low” to “critical”, with low-security reports receiving 5 ETH and critical reports receiving 1000 ETH.
The low vulnerability could include small rounding errors that allow a threat actor to take advantage of balances. On the other hand, critical vulnerability includes permanently locking important funds in Vault.
Largest ever single bounty program
The company shared a statement with the press, claiming that the bounty amount is the single largest in the history of bounty programs.
The chief executive officer of Balancer Labs, Fernando Martinelli, has commended the bounty program by confirming that the program will be the largest so far. He added,
Apart from being the largest on record, our bug bounty is innovative in that it scales as ETH goes up.
He added that the company believes that the bounty program reflects on the critical level of vulnerability and the level of things at stake. The program will benefit both the company and the successful white hackers. It offers empowerment to everyone in the developer community to help the company build a better Balancer (BAL), Martinelli added.
Bounty Programs expand within the DeFi sector
Previous reports have revealed that many DeFi projects have embraced the concept of rewarding white hackers for their efforts at discovering vulnerabilities on their platform.
Balancer Labs is not the first to launch such programs in the industry, as several other firms are leveraging the benefits of using third-party hackers. Moreover, it’s a great way for these projects to show that they are taking the security of their projects more seriously.