White-hat hacker Alexander Schlindwein identified a critical vulnerability in the smart contract of the decentralized insurance broker ArmorFi and received the promised reward, the project team said.
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
Earlier, ArmorFi announced a Bug Bounty program, offering 1 million ARMOR tokens (about $1.48 million at the time of writing) for uncovering a critical exploit.
A day after the program’s launch, Schlindwein pointed the developers to a bug that would have led to user funds loss. At the time of the reward announcement, its value stood at $700,000.
2/ His award is 1M ($700k value, mostly vested) $ARMOR tokens. This may be the biggest public @ethereum bounty to date!
It is important to be generous with bug bounties and to appreciate whitehats who help you keep users safe. Safety must come before every other goal.
— Armor.Fi (@ArmorFi) February 3, 2021
Back in February, the developers of the DeFi project yEarn.Finance identified and fixed the vulnerability in the v1 yDAI pool. The attacker had obtained $2.8 million.
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