Sovryn, a bitcoin-based DeFi protocol, is offering a $1.2 million bug bounty after raising $10 million in a token presale.
- The London-based project raised the funds in bitcoin through the presale of its governance token SOV at a price of 9,736 satoshis (the smallest BTC unit, equivalent to a 100 millionth of a bitcoin) per token.
- The total digital assets Sovryn has raised now stands at $16 million, according to an announcement shared with CoinDesk.
- The funds will partly be invested in the protocol's bug bounty program, now offering white hat hackers up to $1.25 million if they can spot critical flaws in the Sovryn smart contract.
- Sovryn claims bounty, offered in partnership with bug bounty platform Immunefi, is the largest ever.
- Immunefi co-founder Travin Keith believes the program will "incentivize white hats to look through the code as well as incentivizing black hats to disclose bugs, instead of exploiting them."
- The platform's page for the bounty states: "The final reward amount is capped at 10% of the funds at risk based on the vulnerability reported."
- The bounty would be paid out in bitcoin or the SOV token.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.