“There’s such huge pressure to innovate and compete in DeFi that unfortunately, many protocols take on the risk of a vulnerability in the code than spend extra time testing and testing, making sure things are completely secure…”

DeFi hacks are getting larger as the ecosystem evolves, security is a major concern for users.

TLDR; – Hackers Wanted: $1M Bounties Entice White Hats to Hunt for DeFi Bugs

Should I just steal the money?

There’s a vulnerability in the code… Of a DeFi protocol with $3B in TVL. I was just looking at the open-source code for fun. But now, it’s serious. There’s a bug bounty, a reward that pays out $10K to anyone who finds a major weakness. But exploiting this vulnerability would let me siphon off $2M in user funds. Seems pretty critical. $10K? Over $2M? It’s either rob or get robbed, right?

This is the dilemma hackers face when finding vulnerabilities in code. And even though there are bug bounty programs that recognize and compensate hackers that report bugs, the rewards are minuscule compared to the assets at risk and potential damage if the bugs were exploited.

Sometimes the hackers, even the white hats, are treated as a threat and sometimes ignored.

Hackers Wanted: $1M Bounties Entice White Hats to Hunt for DeFi Bugs