Compound Finance announced the launch of a new bug bounty program in collaboration with Immunefi, aimed at engaging researchers to identify vulnerabilities in exchange for rewards.
Details of the New Program
The program aims to enhance platform security by offering rewards for identifying vulnerabilities. Critical issues could earn up to $1 million, while less severe ones start at $1,000. All payouts will be made in COMP tokens.
Current DeFi Security Context
According to Immunefi's Q2 2024 report, losses from hacks and frauds reached $573 million, more than doubling the previous year’s figures. Compound Finance recently faced a security challenge with their website being compromised.
Community Response and Next Steps
The community had mixed reactions to the website issue, with concerns regarding asset security. Ignat Shapkin, co-founder of Ylide protocol, urged operational changes.
The launch of a new bug bounty program underscores Compound Finance’s commitment to ensuring a secure and transparent DeFi ecosystem.
