LayerZero Labs, the group behind cross-chain messaging protocol LayerZero, has partnered with bug bounty and safety companies platform Immunefi to launch a $15 million bug bounty for its protocol, in response to the co-founder of LayerZero. proprietor and CEO Brian Pellegrino instructed cryptonewsmatrix EXCLUSIVELY.
The Bug Bounty Alliance gives as much as $15 million in bounties for every new vulnerability found by a moral hacker. The platform has introduced bug bounties prior to now, however they weren’t all that costly, Pellegrino stated.
The $15 million max prize additionally makes it the most important bug bounty program within the cryptocurrency ecosystem, surpassing MakerDAO’s $10 million program.
“We manage to pay for to pay out a big bounty. The protection of the protocol comes first,” Pellegrino stated. The bounty will come from LayerZero Labs’ capital firm, Pellegrino added.
Immunefi says it supplies safety companies to greater than $60 billion in consumer funds for crypto-based tasks and firms akin to Polygon, Synthetix, Chainlink, SushiSwap, MakerDAO and Optimism. He has paid out over $75 million in bug bounties thus far.
Final month, LayerZero raised $120 million in a Sequence B spherical at a $3 billion valuation. Not like Net 2.0 messaging platforms akin to WhatsApp and Telegram, its messaging protocol permits customers to ship several types of messages throughout blockchains, together with cross-chain interactions, thus eradicating the necessity for intermediaries. LayerZero connects over 30 mainnet blockchains, together with two non-Ethereum digital machines (EVMs) and Aptos.
In keeping with De.Fi’s REKT database, the cryptocurrency ecosystem misplaced about $9.33 trillion to exploits, hacks and fraud final 12 months, with just below $1 trillion recovered.
Greater than $3.9 billion was “misplaced” final 12 months, in response to Immunefi’s Crypto Losses 2022 report. Which may look like a number of capital to lose observe of, however it’s 51.2% lower than in 2021, when greater than $8 billion was stolen, the report discovered.
Many of the 2022 losses, or $3.77 billion, had been as a consequence of hacks throughout 134 particular incidents. His 34 fraud circumstances throughout the identical interval value him roughly $175 million.
Based in March 2022, LayerZero has recorded greater than $15 billion in buying and selling quantity prior to now 14 months, in response to Pellegrino. He added that since its inception, the messaging his protocol has “by no means had any safety exploits or hacks.”
LayerZero spent about $5 million final 12 months on safety audits and goals to comply with a course of to safe code earlier than launch, Pellegrino stated.
Regardless that the market is shedding much less, the losses are nonetheless large. In March, hackers stole about $200 million from crypto lending platform Euler Finance. This appears like some huge cash, however it actually is. that is all In keeping with De.Fi information, that is the twenty sixth largest cryptocurrency theft of all time.
“Safety must be at the beginning for anybody constructing on this area,” stated Pellegrino. “When you don’t have good safety, you’ll find yourself being hacked.”
