LayerZero Labs, the renowned development company responsible for the creation of LayerZero, a cross-chain messaging platform, has recently revealed an extraordinary bug bounty program. In collaboration with Immunefi, a bug bounty platform specializing in cryptocurrencies, LayerZero Labs has introduced a groundbreaking bug bounty initiative with an unprecedented prize pool of $15 million.
On Wednesday, TechCrunch reported that a substantial bug bounty will be rewarded to ethical hackers, known as white hat hackers, who can detect vulnerabilities in the LayerZero protocol.
According to the article, the newly introduced bug bounty program will offer a maximum reward of $15 million, making it the most substantial bug bounty ever seen in the cryptocurrency industry. This amount surpasses the previous record set by MakerDAO last year when they announced a bounty program worth $10 million.
Safety takes precedence
In response to the initiation of the bounty program, Bryan Pellegrino, CEO of LayerZero Labs, expressed to TechCrunch that the project possesses "ample funds to generously compensate participants with rewards."
In a Twitter thread on Wednesday, the team provided further details about the recent initiative, emphasizing the critical significance of security within the realm of cryptocurrency.
The team emphasized their strong commitment to security and expressed their desire to serve as a positive influence for the industry.
LayerZero Labs recently completed a successful Series B funding round, securing an impressive $120 million for its groundbreaking interoperability protocol. This achievement has resulted in a valuation of $3 billion for the company.
Renowned venture capital firms with a focus on cryptocurrency, including Andreessen Horowitz (a16z), Sequoia Capital, Circle Ventures, OpenSea, OKX Ventures, and Samsung Next, were among the participants in the funding round.
The company stated that the funds would be utilized to enhance its cross-chain messaging system, bolster recruitment efforts, and expand its operations in Asia.
$75 million allocated for bug bounties
Immunefi has played a significant role in supporting LayerZero and MakerDAO's bug bounty programs, while also collaborating with several other web3 projects, including ApeCoin, a token centered around NFTs, Reserve, a stablecoin issuance protocol, and GMX, a decentralized exchange.
Immunefi has achieved substantial success by awarding bug bounties totaling more than $75 million to its diverse range of partners.