Bug bounties refer to the rewards given to individuals who discover and report security vulnerabilities in software before they can be exploited by malicious actors. In the realm of cryptocurrency, bug bounties are commonly offered by protocols, exchanges, and wallet operators. These bounties can be seen as friendly competitions among hackers, aiming to enable companies to address any vulnerabilities before they are exploited by bad actors.
The value of bug bounties is typically determined based on the severity of the identified vulnerability. According to HackerOne’s 2018 report, bug bounties amounted to nearly $900,000 in payouts. While some bounties may be as low as $100 for less severe vulnerabilities, critical vulnerabilities can attract bounties of $10,000 or more. Some hackers have even earned substantial amounts of money by discovering multiple bugs within a short timeframe.
From the perspective of software owners, bug bounties are considered an additional security measure that complements other proactive measures. Although developers strive to create secure code and minimize vulnerabilities, it is inevitable that some bugs may go unnoticed, potentially posing security risks. Bug bounties serve as a crucial second line of defense, safeguarding both software owners and users from malicious individuals.
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