Blockchain security firm Immunofi has reported that it has processed more than $65.9 million in crypto bounties paid to ethical hackers in over 1,248 reports since it was founded in 2020.
as of 22 December report goodThe Web 3.0 Project lists bounty programs on the Immunfy platform to encourage white hat hackers to report vulnerabilities and claim rewards, which the company then facilitates.
The report found that the median pay was $2,000, while the median was $52,800. Most of the vulnerability notifications were related to smart contractAccounting for 58.3% of the paid report.
In terms of ransom analysis, the report revealed that malicious hackers returned $32.7 million in decentralized finance funds (DeFi) protocol in 2022 in five specific situations.
Meanwhile, the hackers have placed $6.44 million in total ransom payments. Some experts argue that paying a ransom is tantamount to extortion. Still, most agree that having a bug bounty program set up beforehand is more effective.
Immunefi currently offers $144 million in bounty rewards web 3.0 Projects listed on its platform.
The news recently reports North Korean hackers have stolen approximately $1.2 billion in cryptocurrencies and other virtual assets over the past five years. Most of them were taken in 2021 alone.