Layer3 launches $500k bounty program to strengthen security

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As a seasoned analyst with over two decades of experience in the tech industry, I find this move by Layer3 to be both prudent and commendable. In today’s digital landscape, where security breaches can have catastrophic consequences, it is essential for projects dealing with critical infrastructure to prioritize security.

The project called Layer3, which focuses on creating a decentralized attention layer, recently initiated a bug bounty program offering prizes as high as half a million dollars.

Through collaboration with HackenProof, we’re implementing a strategy aimed at enhancing the security of our omnichain framework. This robust structure underpins essential features such as distribution, identification, and rewards mechanisms, spanning over 500 different ecosystems.

At Layer3FDN, we’ve established a Bug Bounty program worth half a million dollars in collaboration with HackenProof, emphasizing the need for top-tier security in our tokenized attention system.

— Layer3 (@layer3xyz) August 16, 2024

Rewards for security flaws can go up to $5,000 for moderate problems and as high as $500,000 for critical ones. Critical issues will receive a six-month linear release of DEXE tokens, while other awards may be given in the form of stablecoins.

As a researcher, I concentrate my efforts on unearthing and addressing potential weaknesses in Layer3’s smart contracts through our bounty program. The goal is to pinpoint severe flaws that might result in the misappropriation or loss of staked funds, unauthorized transactions, or the permanent locking up of assets.

Freelance cybersecurity experts (or hackers) are welcome to report any discovered security weaknesses, regardless of their category, as far as they follow the guidelines set by HackenProof’s program. Our dedicated team will carefully examine and prioritize every submission before taking appropriate action.

Layer3’s definition of vulnerabilities

Layer3 has clearly defined what constitutes “in-scope” and “out-of-scope” vulnerabilities. 

Vulnerabilities that are within our focus encompass situations like unauthorized money transactions, getting around security measures, or making urgent withdrawal requests. Topics outside of our immediate concern cover areas such as improving efficiency (gas optimizations) and other minor aspects that do not immediately affect the smart contract’s performance.

Program rules

Testing subjects need to adhere to stringent guidelines for the program, such as submitting just one vulnerability issue per report and supplying evidence of concept for every severity level. All testing activities must be confined within predetermined boundaries, excluding actions that might interfere with services or jeopardize personal data privacy.

As a seasoned cybersecurity professional with years of experience under my belt, I firmly believe that strict regulations are essential for maintaining the integrity and security of online platforms. In my career, I’ve seen firsthand the devastating impact of activities like DoS/DDoS attacks, social engineering, and automated spamming on both individuals and businesses alike. These actions not only disrupt services but also compromise sensitive data, leading to significant financial losses and reputational damage.

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2024-08-16 19:31