Lending protocol developers Compound Finance, in partnership with information security company Immunefi, have launched a reward program of up to $1 million for identifying vulnerabilities.
The Immunefi company announced that any cybersecurity specialist can take part in the program. The amount of the reward depends on the severity of the bugs found: for critical bugs the reward will be up to $1 million, and for the detection of less serious bugs much smaller amounts are provided, starting from $1000.
All rewards are calculated in US dollars, but will be paid in COMP tokens. This initiative aims to improve the security of the Compound Finance protocol and improve transparency in the decentralized finance ecosystem.
The Compound Finance lending protocol was founded in 2017 by Robert Leshner and Geoffrey Hayes. The platform has received financial support from major companies Andreessen Horowitz (a16z), Bain Capital Ventures and Polychain Capital. The Compound Finance protocol is deployed on the Ethereum, Polygon and Arbitrum blockchains.
In October 2023, a fork of Compound, called Onyx Protocol, was attacked by hackers – they managed to withdraw crypto assets worth $2.1 million. BlockSec analysts found that the attackers took advantage of a vulnerability in the old version of Compound V2.
In 2021, Compound Finance suffered a bug in the Comptroller contract that distributes liquidity mining rewards and lost $22 million in tokens. This summer, the protocol’s website was hit by a phishing attack – hackers redirected users to a fraudulent site to steal their personal data and cryptocurrencies .
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Source: Cryptocurrency
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