A White hacker Paid Largest Bug Hunting Bounty Of $10 Mln For BSC Issues.

Belt Finance, a market-based marketing maker (AMM) component of the Binance Smart Chain (BSC) strategy, claims to have paid the largest amount in the history of distributed finance (DeFi) to a white hat hacker of $10 Mln – bug bounty problems.

The creator of the white hat program Alexander Schlindwein found a breach of the Belt Finance law this week and reported the news to the group.

Through his efforts, Schlindwain received an open $ 1.05 million compensation, most of which ($ 1 million) was funded by Immunefi and donated by Belt Finance, with an additional $ 50,000 provided by Binance Smart Chain’s Priority One program.

ImmuneFi is one of the market leaders in software security for cryptocurrency projects.

 Since its inception, the platform has reportedly paid more than $ 3 million to white hat hackers who have successfully identified technical infrastructure errors in smart contracts and crypto platforms.

Priority One is a BSC program launched in July to increase the security of distributed applications (DApp) within the platform’s creation program. 

Demonstrating the formation of Immune Fi, the service provides a $ 10-million incentive fund to blockchain bounty hunters that successfully contribute to avoiding security breaches in 100 DApps.

“The next step was to create an official report on Immunefi including the PoC and a detailed description of the abuse,” said Schlindwein, adding, “Immunefi immediately responded to this critical report, and within three minutes of being introduced, it was forwarded to the Belt Team.

In addition, Belt confirmed the legitimacy of the report and began to use it, which proved to be a risk factor. ”

While DeFi’s security violations remain a matter of concern, it has been argued by some that the newborn system will benefit from such incidents in the long run, as areas of weakness are highlighted.

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