Whitehat hacker has already doubled the price of smart contract bugs at all, after the ARMOR token price increased after the price was announced.
On February 3, ArmorFi announced that Alexander Schlindwein of Idea Markets had discovered a fatal flaw in its smart contracts even before the insurance broker platform launched.
If not corrected, the bug would have allowed the attacker to cover just $ 1 to withdraw all funds from the ArmorFi’s guarantee contract.
Schlindwein received 1 million Armor Tokens worth approximately $ 700,000 at the time of the announcement.
However, the news that the error price had been paid increased market confidence in the platform and pushed the token price up to a maximum of $ 1.58. This meant Schlindwein’s excess with assault exceeded $ 1.5 million, making it one of the largest prizes awarded.
Robert Forster, CTO at ArmorFi, who announced the award, offered to receive a tattoo of Schlindwein’s choice to celebrate the discovery.
The price of the error was brought up by ImmuneFi platform that specializes in smart contracts and blockchain rewards.
These trophies have become one of the most important ways to test new combat platforms before launch.