MakerDAO has announced that it will start offering a maximum reward of $ 10 million to white hat hackers and cyber security experts who point out legitimate security threats in their smart contracts.
Makers’ plan to directly attack its smart contracts is the largest troubleshooting platform in the history of the Immunefi platform. In fact, if someone were to take a piece, it would be equivalent to the total $ 10 million that Immunefi has paid so far for active and inactive events. Their website claims that the errors discovered resulted in up to $ 20 billion in hacks.
White hat hackers are likely to receive payouts ranging from $ 1,000 for low-level vulnerabilities believed to be up to $ 10 million for critical issues found in smart contracts and maker apps. Payments will be made in DAI stack coins. The second biggest mistake on Immunefi’s is the $ 3.3 million Olympus DAO award.
MakerDAO is the community that controls how DAI is protected and used from Maker’s treasury. According to CoinGecko, the DAI is currently the 5th largest stable currency with a market value of $ 9.7 billion.
The Maker Foundation previously controlled aspects of Maker’s governance before CEO and founder Rune Christensen announced the dissolution of the foundation in July 2021, making DAO “completely self-sustaining.”
Travin Keith, co-founder of Immunefi, stated in a statement on February 11:
“We are pleased to announce that one of the cornerstones of our mandate is to launch and maintain a bug bounty program that will help MakerDAO ensure its integrity.”
This new bug premium comes at a time when smart contract utilization seems to be increasing, with hundreds of millions of dollars in losses in the last two weeks alone. Yesterday, hackers took over 10 million dollars from Dego Finance using a smart contract utilization.
Related: ImmuneFi reports $ 10 billion DeFi Hack and Loss in 2021
On February 7, Tokenbridge Meter.io smart contracts were hacked, resulting in a loss of $ 4.4 million. On February 2, Wormhole Token Bridge smart contracts on Solana (SOL) were used for an amount of 321 million dollars, the largest one-time chopping loss so far this year.