Cross-chain messaging protocol LayerZero and security platform Immunefi have teamed up to launch a $15 million bug bounty program.
The program offers a maximum reward of USD 15 million to whoever identifies a vulnerability at the highest severity level. According to their terms and conditions, the rewards are based on the Immunefi Vulnerability Severity Classification System and are paid based on the impact of the vulnerability.
LayerZero is an omnichain interoperability protocol that allows developers to interact with contracts across different blockchain networks. In bug bounty programs, ethical hackers are rewarded for finding and reporting vulnerabilities and bugs in applications.
To be eligible for a reward, bug reports must include a proof of concept (POC) that demonstrates a final effect on assets in the scope. Explanations and statements are not accepted as PoC and code is required, based on eligibility criteria.
Reported critical smart contract vulnerabilities in Ethereum, BNB Chain, Avalanche, Polygon, Arbitrum, Optimism, and Fantom pay the higher of $250,000 and 10% of the value of assets at risk at the time of notification. Payment for critical vulnerabilities starts at $25,000 for all other networks. Bounties for non-critical vulnerabilities are based on internal criteria.
Bounty hunters must also comply with “Know Your Client” rules, such as presenting a copy of their passport or official ID and verifying their address, as well as being screened by the United States Office of Foreign Assets Control.
According to Immunefi, more than 1,248 reports have been processed since its creation in 2020, totaling $65,918,994 in cryptocurrency rewards paid as of December 2022.
Other software companies offering thousands of dollars in bug bounties include Microsoft, Intel, and OpenAI. Microsoft offers a maximum payout of $250,000 for critical bugs. Intel bug hunters can earn bounties of up to $100,000, while OpenAI offers bounties of up to $20,000 for exceptional bugs.
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