Report said that a whitehat hacker has received one of the largest smart contract-related bug bounties after the pump of ARMOR token price.
It has been reported that ArmorFi announced that Alexander Schlindwein of Idea Markets had identified a critical bug in its smart contracts before the insurance brokerage platform went LIVE.
1/ @ArmorFi's bug bounty has been a huge success! Alexander Schlindwein @bobface16, CTO of Idea Markets, found a critical bug before it went fully live! The bug (which would have affected successful claim payouts) was immediately fixed and did not affect any staked assets. https://t.co/crctbwZSpw — Armor.Fi (@ArmorFi) February 3, 2021
However, if left unpatched, the bug would have allowed a bad actor with just one dollar of coverage to drain the entirety of funds from ArmorFi’s underwriting contract.
The report said that news of the bug bounty payout increased market confidence in the platform and caused the token price to surge to a high of $1.58, which means that the value of Schlindwein’s windfall topped $1.5 million, making it one of the largest bug bounties ever to be awarded.
Not all heroes wear capes. A whitehat hacker received a massive $1.5 million bounty for finding a bug in a smart contract. This is one of the largest bounties to be awarded to date. https://t.co/f5g3hbNzoc — Cointelegraph (@Cointelegraph) February 6, 2021
Robert Forster, the Chief Technology Officer of ArmorFi, who had introduced the bounty, offered to get a tattoo of Schlindwein’s choice to commemorate the find. The bug bounty was offered through the ImmuneFi platform, which specializes in smart contract and blockchain bounties.
Thus, such bounties have emerged as one of the key ways to battle-test new platforms before going LIVE.
Source: Cointelegraph