Immunefi – a security service provider focusing on DeFi initiatives – has reportedly formed an alliance with the Binance Smart Chain, for reward issuance to white hat hackers. 

Specifically, Immunefi will reportedly team up with BSC, to collaboratively enhance the security level of initiatives based on the Binance chain. 

As included in the scope of the alliance, ethical hackers who were participants in a campaign to find out vulnerabilities in BSC-powered initiatives will receive rewards. 

Mitchell Amador – Head of Immunefi – reportedly offered a cleared understanding the standard payment process for bug bounties, where crypto is selected as a payment measure for bounties, with USDC and USDT are the top two preferred virtual coins, but several initiatives employs their self-developed token to send out the payload. 

Functioning as a security outfit, Immunefi has reportedly issued over $3 million in bug bounties payout to ethical hackers. High-profile protocols, nominally PancakeSwap, DODO, and Zapper, are carrying out the deployment of its bug bounty program, in an effort to single out vulnerabilities in their code.

“The value of the bounty is typically pegged to USD and the conversion rate computed at the time the bounty is paid. Payment in native tokens is a major new standard in crypto, since it lets the size of bug bounties scale with the value of a project’s token.” Amador further explained. 

Per Amador, DeFi will reportedly need security measures having a sufficient level of proactiveness, to ensure the role DeFi will play in the future of finance. 

According to Immunefi, encouraging smart contract code auditing using bug bounties will reportedly result in the improvements of the security for the crypto sphere, extending outside the scope of the usual code verification and auditing protocols.

The development will reportedly be another major milestone, regarding the enhancement of quality assurance on the BSC. In May 2021, blockchain forensics entity was onboarded to assist in the tracking of high-risk fund transfers on the network.