People who discover genuine security flaws in MakerDAO’s smart contracts will be eligible for a payment of up to $10 million from the business. In that claims it will begin rewarding such individuals as soon as possible.
This is the largest bug bounty program ever on the bug bounty platform Immunefi. With Maker’s (MAKER) aim to attack its smart contracts in high-profile ways being the largest of all time.
In fact, Immunefi has given out a total of $10 million in compensation for both active and inactive events so far. If someone were to win the award, it would be worth a total of that amount of money. According to the report, the defects discovered have prevented possible hacks of up to $20 billion.
Maker is an Ethereum token that claims to be a utility token, governance token, and resource for the Maker system. It also claims to be a recapitalization resource. The goal of the Maker system is to make a new Ethereum token, called Dai, that wants to be worth exactly $1.00 on exchanges. Dai is the name of this new token.
White-hat hackers who discover low-level bugs in smart contracts and Maker apps can receive payments ranging from $1,000 to $10 million, depending on the severity of the problem. For goods and services, the payment methods will use DAI stablecoins. A recent revelation of a $3.3 million payouts from Olympus DAO, is another huge bug bounty on Immunefi.
MakerDAO is the group in charge of deciding how DAI is held and spent from Maker Cash, as well as other matters. According to CoinGecko, the cryptocurrency has a market capitalization of $9.7 billion. DAI is the fifth-largest stablecoin in terms of market capitalization.
It will permit the DAO to run on its own in July 2021. In response to Rune Christensen’s announcement, the Maker project’s foundation will close.
There will be a bug bounty scheme in place to assist in keeping MakerDAO secure. Immunefi co-founder Travin Keith stated in a press release on February 11 that this is one of the most important topics the company will be working on going forward.
They have identified several smart contract exploits, and this new bug bounty coincides with them. Just yesterday, pirates stole almost $10 million from Dego Finance by exploiting a smart contract flaw.
On February 7th, hackers took to the Token Bridge Meter.io smart contracts, resulting in a loss of 4.4 million dollars. A total of $321 million was mined for Solana (SOL) smart contracts on February 2. To date, this was the single largest loss a hacker has sustained this year.
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