Immunefi’s chief executive officer claimed that project developers are worried that an unknown person out there has a major secret to their codes.
Immunefi, a bug bounty platform, is introducing a new system to enhance collaboration between security researchers and developers. This is happening at a time when hackers are creating chaos across the decentralized finance (DeFi) network.
Vault System to Onboard Scholars and Hackers’ Input in Securing DeFi Platforms
Immunefi publicized the introduction of Vault Systems, a smart contract network that permits developers to securely deposit funds reserved for paying hackers. Additionally, the funds are meant to pay researchers for disclosing their codes’ susceptibilities. The funds’ release to hackers only happens following the confirmation of a vulnerability report. Mitchell Amador, the Immunefi founder, claims this strategy aims to create trust between two regularly vigilant parties.
In an interview, Amador claimed that everybody in the relationship is anxious. Project managers are worried that an unfamiliar person out there possesses a major secret that could complicate their lives.
The affiliation between project developers and the hacker community can be intricate. Despite developers being particularly worried about their projects’ exploitation, even properly intentioned hackers can be cautious of encountering legal threats for establishing weaknesses. Additionally, even when they generate a report, there is the fear of not being acknowledged appropriately or paid for their work.
Vault System to Help Hackers Overcome Uncertainty Between Developers and Hackers
According to Amador, Immunefi seeks to close the trust gap with Vault by showing the two sides a means to transact in the space securely. He adds that the intention is to encourage hesitant hackers with knowledge regarding susceptibilities to take advantage of the intel in a safe context.
Amador claimed they could offer a convincing enticement for them not to do the contrary. However, they can be captured solely in the uncertain intermediary seat. Enhancing safety in this space entails firmness, especially when criminal hackers enjoy decentralized finance.
An Immunefi report from July showed that in this year’s second quarter, a 63% rise in blockchain hacks from a similar time last year was reported. The firm also established that most of the hacks occurred on DeFi, which resulted in the loss of $228M from 79 events.
Over the weekend, the Mixin Network, a DeFi that facilitates digital assets swapping, was the latest hack victim that involved attackers breaching its cloud service provider and a subsequent loss of up to $200M.
DeFi Struggling with Vulnerability to Hack Attacks and Exploits
Amador claimed that the decentralized finance space encounters a dilemma of requiring ever-additional security to address an ‘extremely vast attack surface’ for hackers. He adds that this is a ‘really challenging task in the most appropriate setting.’ However, he expressed belief that concerning the overall security, the currently promising space was growing.
The Immunefi founder forecasts that major hacks will take place in the future at a comparative scale’ to what he anticipates will be a more significant decentralized finance ecosystem. For that reason, developing more trust within the community to avert losses down the line is compulsory.
Amador claimed that everything they do to enhance the trust level the security community can possess with projects will result in descending benefits towards initiatives down into the future and users by extension.