LayerZero Labs has launched a bug bounty on the Immunefi platform offering a maximum reward of $15 million for critical vulnerabilities in smart contracts and blockchain, marking a new record in the cryptography field.
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Bug bounty programs are initiatives started by businesses and software developers to reward security researchers for identifying and reporting bugs on their respective platforms.
Their goal is to incentivize ethical “white‑hat” hackers to discover unknown security vulnerabilities affecting their products, so they can be fixed before malicious actors exploit them in attacks.
LayerZero Labs is the creator of the LayerZero blockchain messaging protocol that enables secure communication across 30 different blockchains.
Since its launch in March 2022, LayerZero has facilitated the exchange of 10 million messages and its valuation today is $3 billion.
By launching the largest bug bounty program in history, LayerZero Labs seeks to demonstrate its commitment to security and inspire trust in its communication protocol.
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Program details
The LayerZero bug bounty program will distribute rewards to security researchers based on the severity level of their findings and the affected blockchains.
Findings of critical severity will be considered exploits that lead to permanent lockout, loss or theft of user funds, or attacks that result in denial of service (DoS).
Manipulation and modification of LayerZero's default governance voting settings will be considered high-severity issues.
Attacks that do not yield profit to the attacker, but continue to cause damage to the users of the LayerZero protocol will be classified as medium severity findings.
The category with the highest payouts is Group 1, which concerns critical bugs affecting Ethereum, BNB Chain, Avalanche, Polygon, Arbitrum, Optimism, and Fantom.
For Group 2, which concerns all other blockchains supported by LayerZero, the maximum payments are $1,500,000 for critical findings, $25,000 for high severity bugs, $10,000 for medium impact bugs, and $5,000 for low impact bugs.
All payments will be processed directly by LayerZero Labs, in fiat USD via bank transfer or using USDC, USDT and BUSD.
For a submission to be considered valid, an example of proof of the practical implementation of the attack is required.
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Additionally, to receive compensation, bug bounty hunters must undergo KYC (Know Your Customer) and pass an OFAC (Office of Foreign Assets Control) screening to confirm they are not subject to sanctions on the Office of Foreign Assets Control's Specially Designated Nationals list.
Information source: bleepingcomputer.com
