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DeFi Project ArmorFi Awards $1.5M Bounty for Bug Alert That Potentially Saved Its Reserves
ArmorFi's CTO has also offered to get a tattoo chosen by the ethical hacker who found the bug.
ArmorFi, a decentralized finance (DeFi) insurance brokerage, is paying a hefty bug bounty of $1.5 million in tokens to a white-hat hacker who found a "critical bug" that could have seen all the firm’s underwriting funds drained.
STORY CONTINUES BELOW
- Submitted by Alexander Schlindwein via bug bounty platform Immunefi, the submission was awarded the largest bounty ever paid out in the DeFi community, Immunefi said.
- Schlindwein submitted the bug just a day after ArmorFi offered 1 million "mostly vested" Armor tokens (currently worth nearly $1.5 million) to anyone who could spot a critical exploit in its smart contracts.
- As an amusing addition, ArmorFi's CTO Robert Forster had offered to get a tattoo of the name or handle of any hacker who found a critical bug. That's now an option for Schlindwein.
- “It’s a real privilege to have made possible the largest ever bug bounty payout. We’re going to keep rewarding the developers who make DeFi safe, and this is just the beginning,” said Immunefi CEO Mitchell Loureiro.
Read more: Coinbase Just Paid a $30K Bounty for the Discovery of Critical Bug
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
