Since its establishment in 2020, Immunefi, a prominent site for bug bounties in the cryptocurrency sector, distributed $65 million to white hat hackers. These “ethical hackers” look for weaknesses in blockchain and smart contract projects and are compensated for reporting them to Immunefi. This aids in protecting users’ assets and deters criminals from stealing money. With 728 submissions, 58.3% of the paid reports were for smart contract vulnerabilities, according to Immunefi. Websites and applications cases received 488 submissions, accounting for 39.1% of the total, and Distributed Ledger Technology/Blockchain cases received 32 submissions or 2.6%. The second-highest number of submissions came from websites and applications. However, they only received 2.9% of the awards; instead, smart contract bugs received 89.6% of the money. More bounties have been awarded to some projects than others. In 2021, bounty programs from Aurora, Wormhole, Optimism, Polygon, and an unknown company offered $30.2 million in payouts. The average payout stood to be $52,800 and a median payout of $2,000 per program. Due to the rise in crypto breaches that cost over $3 billion in assets, Immunefi enabled over $52 million in rewards to white hat hackers in 2022.
Full report : Are White Hat hackers the answer to growing exploits in the crypto market.
