A new bug bounty program from MakerDAO is three times higher than any other on Immunefi. Maker is trying to stay ahead of malicious attackers who have siphoned off hundreds of millions from other protocols in the past two weeks.
. In fact if someone claimed the lot, it would equal the total amount of $10 million that Immunefi has paid out to date from active and inactive events. Its website claims the bugs found have averted up to $20 billion in damages from hacks.
Whitehat hackers stand to gain payouts ranging from $1,000 for low-level vulnerabilities thought to a maximum of $10 million for critical issues found in Maker’s smart contracts and apps. The payouts will be made in DAI stablecoins. The next largest bug bounty on Immunefi is a $3.3 million bounty from Olympus DAO.
MakerDAO is the community that governs how DAI is collateralized and spent from Maker’s treasury. DAI is currently the fifth largest stablecoin with a $9.7 billion market cap according to CoinGecko. The Maker Foundation had previously controlled aspects of governance on Maker before its CEO and founder Rune Christensen announced theImmunefi co-founder Travin Keith said in a Feb. 11“We’re glad to announce one of the key pillars of our mandate, which is to launch and maintain a bug bounty program that will help MakerDAO ensure its safety.”
This new bug bounty comes at a time when smart contract exploits appear to be on the increase with hundreds of millions of dollars in losses over the past two weeks alone. Yesterday, hackers
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