Immunefi Partners With Binance Smart Chain to Secure BSC Projects

Divya  |  Jul 10, 2021

Immunefi, the leading bug bounty platform for DeFi projects and smart contracts, has announced a partnership with Binance Smart Chain to enhance the security of BSC projects. The agreement will see the two entities collectively reward whitehat hackers who discover vulnerabilities in the projects on the Binance chain.

Immunefi to Collaborate With Binance Smart Chain for Better Security Measures

According to a statement released on Friday, Immunefi is set to collaborate with BSC to strengthen the security of applications on its blockchain project. As part of this arrangement, ethical hackers who participate in finding system-breaking bugs will be rewarded with crypto bounties.

To date, Immunefi has distributed over $3 million in bug bounties to ethical hackers. The premier bug bounty platform has provided its services to major BSC protocols like PancakeSwap, DODO, and Zapper that approached the firm to rectify security loopholes in their codebase. 

While explaining the process of paying a typical bug bounty, Immunefi’s CEO Mitchess Amador said, "Yes, bounties are paid in crypto. Payment in USDC and USDT is common, but many projects also pay bounties in their own token." Furthermore, he added, "The value of the bounty is typically pegged to USD and the conversion rate computed at the time the bounty is paid. Payment in native tokens is a major new standard in crypto since it lets the size of bug bounties scale with the value of a project’s token."

Amador also asserted that the crypto industry needs a proactive approach to security for DeFi to become the future of finance. For Immunefi, bug bounties incentivize the process of code auditing that improves the security of crypto firms beyond the regular measures.

BSC Projects Ramp Up Security Efforts Amid Growing Hacks

The collaboration with Immunefi signals BSC’s increased focus on quality assurance amid the growing number of hacks and exploits. The blockchain project has risen to prominence this year with major DeFi projects moving from Ethereum to Binance Smart Chain. However, security issues that previously plagued Ethereum have also found their way into BSC.

In April, the amount of money lost to flash loan attacks and hacking activities since 2019 had totaled $285 million. During the same month, DeFi yield farming aggregator PancakeBunny had reported a massive attack on its systems that plunged the value of its native token by 90%.

 

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