A whitehat hacker has seen what was already one of many largest good contract-related bug bounties ever awarded greater than double, after the ARMO
A whitehat hacker has seen what was already one of many largest good contract-related bug bounties ever awarded greater than double, after the ARMOR token value pumped following the announcement of his reward.
On Feb. three ArmorFi introduced that Alexander Schlindwein of Thought Markets had recognized a important bug in its good contracts earlier than the insurance coverage brokerage platform went reside.
If left unpatched, the bug would have allowed a foul actor with only one greenback of protection to empty everything of funds from ArmorFi’s underwriting contract.
Schlindwein was awarded 1 million Armor tokens, price about $700,00zero on the time of the announcement.
Nonetheless, information of the bug bounty payout elevated market confidence within the platform and precipitated the token value to surge to a excessive of $1.58. This meant that the worth of Schlindwein’s windfall topped $1.5 million, making it one of many largest bug bounties ever to be awarded.
ArmorFi chief expertise officer Robert Forster, who had launched the bounty, provided to get a tattoo of Schlindwein’s option to commemorate the discover.
The bug bounty was provided via the ImmuneFi platform, which makes a speciality of good contract and blockchain bounties.
Such bounties have emerged as one of many key methods to battle-test new platforms earlier than going reside.