Uniswap Labs has initiated what is touted as the largest bug bounty in the history of the crypto space. The firm is offering a staggering sum of up to $15.5 million to individuals who can identify critical flaws within its v4 core contracts.
Details shared on the platform X reveal that the bounty program is structured with varying reward tiers based on the severity of the bugs. The top prize of $15.5 million is reserved for those who uncover critical issues. High-risk bugs can net a reward of up to $1 million, and medium-risk vulnerabilities will fetch $100,000.
To take part in the initiative, researchers are required to report any identified issues within a 24-hour window and maintain strict confidentiality until the problem is resolved. Currently, the bounty pertains only to the core Uniswap v4 contracts, although the company has plans to expand it to include peripheral and third-party contracts in the future.
This bounty program comes on the heels of a series of security initiatives by Uniswap, such as nine independent audits and a $2.35 million security competition. Despite these prior efforts, the company is unwavering in its commitment to safeguarding the platform, which handles billions of dollars in transactions daily. With DeFi-related hacks remaining a significant concern, Uniswap’s proactive stance on security serves as a model for the entire industry.
The timing of this move is crucial, as data from theblock indicates that since 2020, attackers have siphoned off over $3.6 billion from DeFi projects. In 2022, Uniswap took action against more than 250 crypto wallets linked to stolen funds or associated with crypto mixers like Tornado Cash, which was sanctioned by the U.S. Treasury this year.
Uniswap has stated that “the program encompasses vulnerabilities and bugs in any deployed Uniswap contract and the main branch of the specified undeployed v4-core contracts. However, if a bug is found in a Uniswap smart contract outside of these repositories and user funds are at risk, the team will consider it within the scope of our bounty as an Other Uniswap Contract Code.”
Concurrently, Immunefi has disbursed over $100 million to researchers who have contributed to bug detection in its system this year.
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