The development firm behind cross-chain messaging platform LayerZero, LayerZero Labs, has recently announced a record-breaking $15 million bug bounty in collaboration with crypto-focused bug bounty platform Immunefi. This tremendous bug bounty aims to incentivize so-called white hat hackers to identify vulnerabilities in the LayerZero protocol, as reported by TechCrunch on Wednesday. Interestingly, the $15 million maximum reward under this new program surpasses the previous largest bounty in crypto history, which was MakerDAO’s $10 million program announced last year.
LayerZero Labs CEO Bryan Pellegrino, while commenting on the launch of the bounty program, emphasized that the security of the protocol is their top priority. According to Pellegrino, LayerZero Labs has sufficient funding to accommodate numerous rewards for the valuable findings of white hat hackers. The reward money will reportedly come from LayerZero Labs equity.
The LayerZero Labs team further elaborated on this new initiative in a recent Twitter thread, pointing out the critical importance of security in the crypto industry. They believe that it is crucial to set positive examples for the sector, which includes their decision to create this bug bounty program, an impressive 50% larger than any other in history. This approach also extends to nearly $5 million in audits procured by the team last year.
Last month, LayerZero Labs raised $120 million in a Series B funding round for its interoperability protocol, achieving a $3 billion valuation for the firm. Some renowned crypto-focused venture capital firms, such as Andreessen Horowitz (a16z), Sequoia Capital, Circle Ventures, OpenSea, OKX Ventures, and Samsung Next, participated in the round. LayerZero Labs plans to use this funding to expand its cross-chain messaging system, increase hiring, and
Source: Cryptonews
