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

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Immunefi, a security services company 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 has reportedly paid more than $ 3 million in bug premiums to ethical hackers. Major BSC protocols such as PancakeSwap, DODO and Zapper are already using the company’s bug bounty program to uncover vulnerabilities in their code.

Mitchell Amador, CEO of Immunefi, explained the typical payment process for bug bounties to Cointelegraph: “Yes, bounties are paid in crypto. Payment in USDC and USDT is common, but many projects also pay bounties in their own token. “

“The value of the bonus is usually tied to USD and the exchange rate is calculated at the time the bonus is paid out. Payment in native tokens is an important new standard in cryptocurrency as the size of the bug bounties scales with the value of a can be the token of the project. “

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

According to the company, promoting smart contract code auditing through bug bounties improves the security of the crypto space beyond the usual code verification and auditing protocols.

The news is likely a significant investment by Binance in improving the quality assurance of the BSC. In May, the company brought in the blockchain forensics company CipherTrace to track high-risk money transfers in the network.

Connected: Growing pains? DeFi takes advantage of the looting of BSC, which requires reinforcements

The emergence of BSC as an important DeFi hub at the beginning of the year also brought with it several security challenges, as the hacks and exploits common in the Ethereum space also appeared in the Binance chain.

Back in April, Cointelegraph reported that Flash loan attacks and other DeFi hacks and exploits had totaled $ 285 million since 2019. Since April, these incidents have only increased as PancakeBunny suffered a massive flash loan attack that saw native token price plummet 90%.