A bumper payout for figuring out a essential bug in a wise contract triggered elevated confidence within the ArmorFi platform and a 100%+ token pump.
A whitehat hacker has seen what was already one of many largest sensible contract-related bug bounties ever awarded greater than double, after the ARMOR token worth pumped following the announcement of his reward.
On Feb. 3 ArmorFi introduced that Alexander Schlindwein of Thought Markets had recognized a essential bug in its sensible contracts earlier than the insurance coverage brokerage platform went stay.
If left unpatched, the bug would have allowed a nasty actor with only one greenback of protection to empty the whole thing of funds from ArmorFi’s underwriting contract.
Schlindwein was awarded 1 million Armor tokens, value about $700,000 on the time of the announcement.
Nevertheless, information of the bug bounty payout elevated market confidence within the platform and triggered the token worth to surge to a excessive of $1.58. This meant that the worth of Schlindwein’s windfall topped $1.5 million, making it one of many largest bug bounties ever to be awarded.
ArmorFi chief expertise officer Robert Forster, who had launched the bounty, provided to get a tattoo of Schlindwein’s option to commemorate the discover.
The bug bounty was provided by the ImmuneFi platform, which makes a speciality of sensible contract and blockchain bounties.
Such bounties have emerged as one of many key methods to battle-test new platforms earlier than going stay.