{"id":10386,"date":"2023-05-18T09:40:16","date_gmt":"2023-05-18T13:40:16","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/layerzero-and-immunefi-announce-record-15-million-crypto-bug-bounty-program\/"},"modified":"2023-05-18T09:40:17","modified_gmt":"2023-05-18T13:40:17","slug":"layerzero-and-immunefi-announce-record-15-million-crypto-bug-bounty-program","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=10386","title":{"rendered":"LayerZero and Immunefi Announce Record $15 Million Crypto Bug Bounty Program"},"content":{"rendered":"<div>\n<p>LayerZero Labs, the development firm behind cross-chain messaging platform LayerZero, has announced a record-high $15 million bug bounty in partnership with the crypto-focused bug bounty platform Immunefi.<\/p>\n<p>The huge bug bounty will be paid out to so-called white hat hackers who can identify vulnerabilities in the LayerZero protocol, TechCrunch reported on Wednesday.<\/p>\n<p>According to the article, the $15 million maximum reward under the new bug bounty program will be the largest bug bounty in the history of crypto, and even higher than the then-largest $10 million bounty program announced last year by MakerDAO.<\/p>\n<h2>Security comes first<\/h2>\n<p>Commenting on the launch of the bounty program, LayerZero Labs CEO Bryan Pellegrino told TechCrunch that the project has \u201cenough money to pay out plenty of rewards.\u201d<\/p>\n<p>\u201cThe security of the protocol comes before anything else,\u201d Pellegrino said, while explaining that reward money will come from LayerZero Labs equity.<\/p>\n<p>The team elaborated on the new initiative in a Twitter thread from Wednesday, where it noted that security is of \u201cthe utmost importance in crypto.\u201d<\/p>\n<p>The team added that it cares deeply about security, and therefore wants to set positive examples for the industry.<\/p>\n<p>\u201cThis includes the nearly $5m in audits we procured last year and extends to the decision to create this bug bounty program, 50% larger than any in history,\u201d the team wrote.<\/p>\n<figure class=\"media\"><oembed data-embedo-height=\"400\" data-embedo-url=\"https:\/\/twitter.com\/LayerZero_Labs\/status\/1658859550215397376\" loading=\"lazy\"><\/oembed><\/figure>\n<p>LayerZero Labs last month raised $120 million in a Series B funding round for its interoperability protocol, valuing the firm at $3 billion.<\/p>\n<p>Participants in the round included prominent crypto-focused venture capital firms like Andreessen Horowitz (a16z), Sequoia Capital, Circle Ventures, OpenSea, OKX Ventures, and Samsung Next.<\/p>\n<p>At the time, the firm said the money will go towards expanding its cross-chain messaging system, increasing hiring, and an expansion of its presence in Asia.<\/p>\n<h2>$75 million in bug bounties<\/h2>\n<p>In addition to facilitating the bug bounty program for LayerZero and MakerDAO, Immunefi has worked with web3 projects such as NFT-themed token ApeCoin, stablecoin issuance protocol Reserve, and decentralized exchange GMX.<\/p>\n<p>To date, Immunefi has paid out over $75 million in bug bounties for its various partners.<\/p>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/layerzero-immunefi-announce-record-15-million-crypto-bug-bounty-program.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>LayerZero Labs, the development firm behind cross-chain messaging platform LayerZero, has announced a record-high $15 million bug bounty in partnership with the crypto-focused bug bounty platform Immunefi. The huge bug bounty will be paid out to so-called white hat hackers who can identify vulnerabilities in the LayerZero protocol, TechCrunch reported on Wednesday. According to the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":10387,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-10386","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>LayerZero and Immunefi Announce Record $15 Million Crypto Bug Bounty Program | iFintechWorld<\/title>\n<meta name=\"description\" content=\"LayerZero Labs, the development firm behind cross-chain messaging platform LayerZero, has announced a record-high $15 million bug bounty in partnership\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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