ArmorFi, a decentralized finance (DeFi) insurance coverage brokerage, is paying a hefty bug bounty of $1.5 million in tokens to a white-hat hacker who discovered a “important bug” that might have seen all of the agency’s underwriting funds drained.
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Submitted by Alexander Schlindwein by way of bug bounty platform Immunefi, the submission was awarded the biggest bounty ever paid out within the DeFi neighborhood, Immunefi stated.
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Schlindwein submitted the bug only a day after ArmorFi supplied 1 million “principally vested” Armor tokens (currently worth almost $1.5 million) to anybody who might spot a important exploit in its sensible contracts.
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As an amusing addition, ArmorFi’s CTO Robert Forster had supplied to get a tattoo of the identify or deal with of any hacker who discovered a important bug. That’s now an choice for Schlindwein.
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“It’s an actual privilege to have made potential the biggest ever bug bounty payout. We’re going to maintain rewarding the builders who make DeFi protected, and that is only the start,” stated Immunefi CEO Mitchell Loureiro.
Learn extra: Coinbase Just Paid a $30K Bounty for the Discovery of Critical Bug
