Home CryptocurrencyBitcoin Immunefi Launches Web3 Elite White Hat Scoring System

Immunefi Launches Web3 Elite White Hat Scoring System

by SuperiorInvest

Bug bounty platform Immunefi has released its Whitehat Leaderboard — a scoring system that features the 20 most elite white hats in Web3. The rating will measure a given white hat’s skills and standing within the Immunefi security community, the company said at Web Summit on Nov. 4.

A white hat hacker is someone who identifies security weaknesses by testing an organization’s information technology security. In the Immunefi community, the top 10 white hats alone have generated more than $42 million in total earnings by exposing critical vulnerabilities that have led to high rewards in the software industry.

The leaderboard will rank white hats daily based on the number and severity of paid messages as well as total earnings achieved. Hackers in the Immunefi community inspect blockchain and smart contract code of projects, expose vulnerabilities and get paid for it. Rewards are based on the severity of the vulnerability discovered.

Mitchell Amador, founder and CEO of Immunefi, said in a statement:

“As funding continues to grow, the rankings are another opportunity to give our white hats the recognition they deserve, while encouraging them to keep pushing the boundaries to make the web3 ecosystem safer.”

Related: Team Finance hacker returns $7 million to related projects after exploit

According to the company, white hats will also be chosen to rank up on the leaderboard to regularly earn additional rewards, all-expenses-paid trips, exclusive merchandise and speaking opportunities. Formed in 2020, Immunefi claimed to have saved more than $25 billion in user funds and paid out more than $62 million in rewards. The platform currently supports 300 projects in various crypto sectors, helping players in the industry save funds stored in smart contracts.

Among the highest white hat bounties paid in the past two years, Immunefi enabled payment for uncovering a critical bug in the Wormhole core bridge contract on Ethereum, leading to a record bug bounty of $10 million per identified white hat. like satya0x, as well as the infinite spend critical bug found in Aurora Engine with a $6 million payout for white hat pwning.eth.

Security vulnerabilities have been among the challenges in the crypto industry this year. On October 11th, a hacker manipulated the value of Mango Markets’ native token, MNGO, to achieve higher prices. The attacker took out substantial loans against inflated collateral, draining Manga’s coffers. After the proposal was approved on Mango’s governance forum, the hacker was allowed to keep $47 million as a “bug bounty”, while $67 million was sent back to the treasury.

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