{"id":60168,"date":"2023-09-26T11:01:19","date_gmt":"2023-09-26T15:01:19","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=60168"},"modified":"2023-09-26T11:01:23","modified_gmt":"2023-09-26T15:01:23","slug":"immunefi-launches-vaults-for-on-chain-bug-bounties","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/immunefi-launches-vaults-for-on-chain-bug-bounties\/","title":{"rendered":"Immunefi Launches ‘Vaults’ for On-chain Bug Bounties"},"content":{"rendered":"\n

Immunefi's new system, “Vaults,” enables Web3 developers<\/a> to escrow funds in an on-chain address and use them to pay bug bounties to white hat hackers.<\/p>\n\n\n\n

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Immunefi Launches ‘Vaults' for On-chain Bug Bounties<\/figcaption><\/figure>\n\n\n\n

Immunefi believes that the new system will enable projects to “demonstrate to whitehats [\u2026] that they have allocated sufficient funds to pay bounties,” thereby encouraging “more top-tier bug reports” to be submitted.<\/p>\n\n\n\n

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List of Immunefi bug bounties. Source: Immunefi<\/em><\/figcaption><\/figure>\n\n\n\n

Software developers frequently offer rewards, known as “bug bounties<\/a>,” to hackers who discover exploits and other software flaws. This enables the identification of vulnerabilities before their exploitation by evil actors. <\/p>\n\n\n\n

“White hat” hackers submit defect reports for rewards rather than exploiting vulnerabilities, whereas “black hat” hackers use their knowledge for malicious purposes.<\/p>\n\n\n\n

According to the announcement, the new Immunefi mechanism permits projects to deposit bug bounty funds into a Safe multisig smart contract (previously known as a “Gnosis Safe”). <\/p>\n\n\n\n

This provides on-chain evidence<\/a> to whiteheads that the funds are available. Once a project has confirmed that a reported defect is genuine, it can release funds to the bug reporter's wallet.<\/p>\n\n\n\n

During the inauguration of Vault, Ethereum infrastructure provider SSV deposited $1 million to help pay bug bounties for its software. Ref Finance, a decentralized exchange on the Near network, also employs the new system. <\/p>\n\n\n\n

Eridian, a contributor to the SSV DAO, asserted that on-chain bug bounties will enhance the security of the DAO's validator services, stating:<\/p>\n\n\n\n

\n

\u201cThe Vaults System will help us provide added reassurance for any researcher engaging with our bounty program, and in turn help secure the protocol even further. A good win-win. Building further trust with the community by showcasing dedicated funding, and streamlining the payment process, will ultimately strengthen our security efforts.\u201d<\/em><\/p>\n<\/blockquote>\n\n\n\n

Immunefi reported in December 2022 that it had paid out $66 million in bug bounties since the platform's inception. On May 17, LayerZero\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> released a $15 million bug bounty via Immunefi.<\/p>\n","protected":false},"excerpt":{"rendered":"

Immunefi’s new system, “Vaults,” enables Web3 developers to escrow funds in an on-chain address and use them to pay bug bounties to white hat hackers. Immunefi believes that the new system will enable projects to “demonstrate to whitehats [\u2026] that they have allocated sufficient funds to pay bounties,” thereby encouraging “more top-tier bug reports” to […]<\/p>\n","protected":false},"author":12,"featured_media":60198,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[16548,16547,16549],"class_list":["post-60168","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bug-bounties","tag-immunefi","tag-vaults"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/09\/image-76.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/60168","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=60168"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/60168\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/60198"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=60168"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=60168"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=60168"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}