When a bug is found, the hacker earns about Rs 175 million
When a bug is found, the hacker earns about Rs 175 million
A white-hat hacker (cybersecurity researcher) has received the biggest bug bounty award ever.
On February 3, Armor Fi paid a white-hat hacker named Alexander Slindwine 1.5 million, or about 175 million, for finding a sensitive bug in his smart contract.
Alexander discovered the bug before going to the insurance brokerage platform Armor Fi Live.
If the bug had been left unchecked, it would have allowed a bad character with a dollar coverage to steal the entire Armor Fi underwriting contract.
The company has since provided 1 million armor tokens to Alexander. At the time of the announcement of the Bounty Reward, one million tokens were worth 700,000.
But as news of the new bug bounty and security patch spread, public confidence in the platform increased, pushing the price of the token by 1.58.
At the same time, the total value of Alexander's token has reached 1.5 million dollars. Which has made this bounty the biggest bounty reward ever.
These types of bounties have given hackers a huge boost to detect bugs before any new platform goes live.
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