Immunefi cooperates with Binance Smart Chain for bug bounty to protect BSC project

Immunefi, a security service organization specializing in decentralized finance (DeFi) projects, has signed a cooperation agreement with cryptocurrency exchange giant Binance.

According to news released on Friday, Immunefi will work with Binance to improve the security of projects on the Binance chain. As part of the partnership, Binance will pay the vulnerability bounties issued by Immunefi to white hat hackers who discover vulnerabilities based on the BSC protocol.

According to reports, as a security agency, Immunefi has paid more than $3 million in bug bounties to ethical hackers. Major BSC protocols such as PancakeSwap, DODO, and Zapper are already deploying the company’s bug bounty program to find vulnerabilities in their code.

Mitchell Amador, CEO of Immunefi, detailed the typical payment process for bug bounties. He told Cointelegraph: “Yes, bounties are paid in encrypted form. Payments in USDC and USDT are very common, but many projects also use their own codes. Currency to pay bounty,” added:

“The value of bounties is usually pegged to the U.S. dollar and the conversion rate is calculated when the bounty is paid. Payment in native tokens is a major new standard in the crypto space because it allows the size of the bug bounty to follow the project’s tokens.”

For Amador DeFi, active security measures need to be taken to ensure that DeFi becomes the future of finance.

According to the company, incentivizing smart contract code audits through vulnerability rewards can improve the security of the encrypted space beyond the usual code verification and audit protocols.

The news may mark Binance’s major investment in improving BSC’s quality assurance. As early as May, the company introduced the blockchain forensics company CipherTrace Track the transfer of high-risk funds on the Internet.

related: Growth troubles? DeFi uses to plunder BSC and needs reinforcements

BSC became a major DeFi center at the beginning of the year and also brought it Several security challenges As Hacking and exploiting Things that are very common in the Ethereum field have also begun to happen on the Binance Chain.

As early as April, Cointelegraph reported on flash loan attacks and other DeFi hacking and exploits totaled $285 million Since 2019, and since April, these incidents have only increased PancakeBunny’s Mass flash loan attack The price of its native token plummeted 90%.