Immunefi Wins Guardian Medal from Binance Smart Chain
Immunefi has won the Guardian Medal as part of Binance Smart Chain’s #BSCAwards.
The announcement came on September 2 during BSC’s Beyond The Big Bang livestream in recognition of the role Immunefi has played in helping to boost security in the BSC ecosystem and save user funds.
Immunefi, the leading bug bounty platform for crypto with the world’s largest bug bounties, has recently onboarded numerous BSC projects onto its platform and has so far facilitated responsible disclosure to avert a minimum of $67 million in hack damage on BSC. What that means is that Immunefi has saved BSC users over $67 million of their personal funds from being lost to potential malicious hacks. And in DeFi, if a critical vulnerability exists out in the open, the chances of it eventually being exploited are extremely high.
Bug bounties are a powerful tool to incentivize researchers to responsibly disclose vulnerabilities in protocols in exchange for large rewards. They are an essential part of the DeFi security stack for all projects who take security and responsibility seriously. Bug bounties are good for projects, users, BSC, and the DeFi community at large — everyone except malicious hackers.
In recognition of Immunefi’s success and the power of bug bounties in preventing devastating hacks, BSC recently partnered with Immunefi to offer the Priority One bug bounty matching program. This program offers bounty matching to select, pre-approved BSC projects, in order to increase the total payout for disclosures. The higher the payout for critical vulnerabilities, the more likely hackers are to responsibly disclose vulnerabilities.
We believe that incentives matter.
The Priority One program was discussed in BSC’s recent and extensive security whitepaper, to which Immunefi contributed. According to the whitepaper, 25 BSC projects have bug bounties with Immunefi — and more BSC projects are joining the platform every week.
On behalf of Immunefi, we want to thank BSC for the Guardian Medal award and look forward to continuing to work together to make DeFi safe for everyone.
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