November 10th, 2022 - The Algorand Foundation and Algorand Inc. are proud to announce the launch of a series of bounties hosted on Immunefi, the leading bug bounty platform for Web3. The Algorand Foundation’s series of bounties are focused on enhancing Algorand’s DeFi projects, further ensuring our commitment to the support and security of the Algorand ecosystem.
In addition, the Algorand protocol bounty is focused on further strengthening the security of the core protocol.
“Security is fundamental to Algorand. I was drawn to Immunefi's approach in gamifying the bug hunting process for developers/hackers. By paying big rewards for exploits uncovered in leading defi & other high value projects, we demonstrate to our users just how much we care about them, and their funds!"
- John Woods, CTO, Algorand Foundation.
Both bounties will provide opportunities for developers to review code, submit bugs and reap the rewards. A Vulnerability Reward Program is a way to apply continuous testing on an application or network by giving ethical hackers permission to find vulnerabilities and defects for areas within a defined scope. Having access to the global white hat community ensures there is a better chance to explore every vulnerability, go down every rabbit hole, and check every nook and cranny of the target area. It's a cost-effective way for a project to pinpoint security risks because paying a reward to learn about a vulnerability is much cheaper than remediating a cybersecurity incident caused by that same vulnerability! When it comes to DeFi, the Algorand Foundation believes it is critical to help protect the ecosystem’s reputation by decreasing the likelihood and opportunity for high-value hacks of our Community’s funds. White hats can challenge themselves against projects built on the world's most powerful blockchain while potentially being able to reap huge rewards.
One of the most unique aspects of the Foundation’s program is the bounty matching where the Algorand Foundation agrees to match and exceed all bounties up to US$100,000 offered by our qualified projects allowing hackers to earn a potential US$250,000. We strongly believe that having “more eyes” on our ecosystem projects from whitehats is one of the best ways to root out and resolve vulnerabilities before they become a bigger problem.
"We are pleased to have Algorand’s bug bounty program on Immunefi. This program will help Algorand secure their code and represents an incredible opportunity for whitehats to make the Web3 space safe for everyone."
- Mitchell Amador, Immunefi CEO.
Meanwhile Algorand Inc is offering a $2M bounty to further prove the security, reliability, and reliance of its core protocol.
The first bounty to be released as part of the Algorand Foundation Bounty Program is Folks Finance. Folks Finance is the leading capital markets protocol for borrowing and lending built on top of the Algorand blockchain with current TVL of over US$100M. Benedetto Biondi, CEO of Folks Finance, states that “Security has always been a top priority for Folks Finance. The new Algorand Foundation bug bounty is fantastic support for Immunefi bounties on Algorand, enhancing security and attracting White Hats to help the ecosystem become more reliable and secure”. Upcoming bounties will include Pera Wallet and Tinyman. All three are 3 strategic players in the Algorand DeFi ecosystem with more to come.
The ultimate goal is to create a safer Algorand ecosystem for all. With this matching program, the Algorand Foundation is demonstrating its commitment to security and responsibility. If you’d like to take part in or learn more about the bounty program, click here. Algorand Bug Bounties will be available on Immunefi.
About The Algorand Foundation
The Algorand blockchain — designed by the MIT professor and Turing Award winning cryptographer Silvio Micali — is uniquely capable of delivering on the promise of a borderless global economy. It achieves transaction throughputs at the speed of traditional finance, but with immediate finality, near zero transaction costs, and on a 24/7 basis. Its carbon-neutral platform and unique pure proof-of-stake consensus mechanism solves for the “blockchain trilemma” by achieving both security and scalability on a decentralised protocol, and without a second of downtime since it went live in 2019.
The Algorand Foundation is dedicated to helping fulfill the global promise of the Algorand blockchain by taking responsibility for its sound monetary supply economics, decentralised governance, and healthy and prosperous open-source ecosystem. For more information, visit https://algorand.foundation.
About Algorand Inc
Algorand is transforming economic models and economies of all kinds. Founded by Turing Award–winning cryptographer Silvio Micali, Algorand's high–performing Layer-1 blockchain is unparalleled for bringing fast, frictionless, and inclusive technologies to everyone. Algorand is reshaping every industry–from TradFi and DeFi to new creator economies and beyond. With an extraordinary commitment to interoperability and consistent delivery, our sustainable technology powers more participation, transparency, and efficiency for all. As the technology of choice for 2000+ global organizations, the Algorand ecosystem is transforming the next generation of financial products, protocols and exchange of value. For more information, visit www.algorand.com.
Immunefi is the leading bug bounty and security services platform for web3, which features the world’s largest bounties. Immunefi guards over $60 billion in users’ funds across projects like Synthetix, Chainlink, SushiSwap, PancakeSwap, Bancor, MakerDAO, Compound, Alchemix, Nexus Mutual, and others. The company has paid out the most significant bug bounties in the software industry, amounting to over $60 million, and has pioneered the scaling web3 bug bounties standard. For more information, please visit https://immunefi.com/.