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Bancor kickoff Bug Bounty Program, With $1M as an Offer Of Reward

As bug bounties become more vital to the accomplishment of new crypto protocols, Bancor protocol has offered a sum of $1 million to anyone able to identify threats to its network after its latest upgrade.

Bancor Network is a decentralized trading and profit protocol and is planning to launch its most-anticipated Bancor 3.

The $1 million bug bounty was followed by the unveiling of the Bancor 3 code to the general public to ignore the code base for exploits with potential.

“As we get close to the B3 launch, we invite developers and whitehat hackers to review the code and try to find bugs in exchange for up to USD 1 million in rewards,” according to the team on their official medium channel.

The benefits for detecting bugs are given in line with the level of seriousness of the threats and the decision will be made by the B protocol Foundation.

RELATED: Avalanche Foundation will invest $290 million in ‘Multiverse’ incentive program for Subnets

Spotting critical threats promise an interesting reward of up to $1,000,000, while high and medium threats will be rewarded with $40,000 and $5,000. However, lower-threat risks will get $1,000.

Bancor Protocol revealed that “vulnerabilities disclosed prior to the official launch of Bancor 3” will get much bigger rewards. Bancor 3 is currently set to go live in the middle of the month of May and is a “fundamental re-design of previous Bancor versions.”

The Bancor 3 protocol is expected to better the integrations and interactions projected to improve composability in DeFi.

Aside from the bug bounty, Bancor is extensively surveying its code to detect potential threats. A myriad of audits is carried out by Open Zeppelin, Certora, and Peckshield.

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