Immunefi announced this Friday, February 11, via its Twitter account, that MakerDAO and the Immunefi Security Core Unit are launching the LARGEST bug bounty for DeFi.
“MakerDAO is one of the first DeFi protocols in the crypto space that introduced the first crypto-backed stablecoin called Dai (DAI), which is set at a value of 1:1 with the US dollar. It is governed by those who have and/or have MKR delegates, the governance token of the protocol. Since 2021, the project has become more decentralized, with the MakerDAO Foundation shutting down to move operations to decentralized business units known as core units”, it said on its website.
The company explained that one of these central units is the Immunefi Security (IS-001) central unit, the result of the collaboration of two decentralized organizations. A mandate from this central unit is to launch a bug bounty program to protect the critical infrastructure of the ecosystem.
In your opinion, this bug bounty program is governed by the terms set forth in MIP64. Payment resolution may be longer compared to normal timeframes due to the requirement of government activity. However, proposed amendments are in the works to speed up the payment of bounties to bug bounty hunters.
“All critical and high bug reports will have an autopsy written by Immunefi’s core security unit which will be posted on the Immunefi Medium blog and distributed on their social media channels after payment is made and fixes are complete. You can include the identity of the bug reporter, either by real name or pseudonym, if you wish, or you can choose to remain anonymous”, he said.
Similarly, he detailed that this bug bounty program launches on a rollout plan towards the end of February 2022 with regular expansions provided until the end of the month. While more additions may be included after the end of the month, this early phase process is to ensure all infrastructure is up and running in place.