Immunefi partners with Binance Smart Chain on bug bounties to secure BSC projects

Immunefi, a security services site specializing in decentralized finance projects (DeFi), has partnered with crypto exchange giant Binance.

Immunefi will partner with Binance to improve the security of projects in the Binance chain, according to a press release released on Friday. As part of the partnership, Binance will settle bug bounty payments issued by Immunefi to white hat hackers who discover vulnerabilities in BSC-based protocols.

As a security company, Immunefi reportedly paid more than $ 3 million in bug bounties to ethical hackers. Important BSC protocols such as PancakeSwap, DODO and Zapper have implemented the company’s bug bounty program, among others, in order to uncover vulnerabilities in their code.

Mitchell Amador, CEO of Immunefi, told Cointelegraph about the typical payment process for bug bounties: “Yes, bounties are paid in crypto. Payments in USDC and USDT are common, but many projects also pay bonuses with their own tokens, “added:

“The value of the bonus is usually set in USD and the conversion rate is calculated at the time the bonus is paid out. Native token payments are an important new standard in cryptocurrency as they allow bug bounties to be scaled to the value of a project token. “

Because Amador DeFi requires proactive security measures necessary to ensure that DeFi becomes the future of finance.

According to the company, the incentives for code reviewing smart contracts through bug bounties improves the security of the crypto space beyond traditional code review and verification protocols.

This news could represent a significant investment by Binance to improve BSC quality assurance. Back in May, the company founded the blockchain forensics company CipherTrace to track high-risk money transfers over the network.

Connected: Increasing pain? Loot DeFi Mining BSC, call for reinforcements

BSC’s emergence as a major DeFi hub earlier this year also brought with it some security challenges, as attacks and mining common in the Ethereum space also took place in the Binance chain.

Back in April, Cointelegraph reported that rapid credit attacks and other DeFi attacks and exploits totaled $ 285 million as of 2019. As of April, those crashes only got worse when PancakeBunny suffered a rapid credit attack that caused the price of its native token to plummet. 90%.