SecurityBrief Asia logo
Asia's leading source of cybersecurity and cyber-attack news
Story image

$10 million bug bounty fund for projects building on Binance Smart Chain

By Ryan Morris-Reade
Tue 27 Jul 2021

Binance Smart Chain (BSC) has launched Priority ONE, a $10 million bug bounty fund for projects building on top of BSC. 

Designed to encourage participation from bounty hunters, ethical hackers, and security experts, the fund aims to safeguard BSC user interests by improving protocol security standards.

The initiative focuses on refining the lifecycle management of BSC users and decreasing project exploits. Eligible projects will receive advanced risk management controls and proactive penetration testing to identify vulnerabilities early.

“The shortlisted projects for the bug bounty will be open for continuous testing,” says BSC community coordinator, Julian Tan.

“With more experts identifying specific vulnerabilities and evaluating dApps regularly, there’s more to explore. The BSC community will work together to check every nook and corner of the target and leave no room for potential exploits.” 

Successful bounty hunters will be rewarded from the $10M fund for disclosing verifiable attack vectors and security flaws. 

Including, but not limited to:

  • Smart contracts/blockchain/cryptographic flaws
  • Logic errors
  • Financial/economic attacks
  • Susceptibility to block timestamp manipulation
  • Novel governance attacks
  • Congestion and scalability
  • Oracle failure/manipulation

Participants must submit a complete proof-of-concept and step-by-step analysis, and the rewards will be distributed based on the severity and exploitability of the subject. BSC ecosystem contributors PeckShield, CertiK, Immunefi, and the Binance Security team will review high priority and critical disclosures.

Eligible projects can receive up to $100,000 in bug bounty funds to supplement their own bounty program.

“Bug bounties are a core pillar of the DeFi security stack, providing both a compelling
disclosure incentive for mainnet contracts and attracting new security researchers,” says Immunefi CEO and founder, Mitchell Amador.

“This fund supercharges bug bounties on BSC by driving the community to adopt best
practices while providing compelling incentives for more security researchers to
participate in the BSC ecosystem at large.

“It’s clear this bug bounty fund will contribute to a bright future for BSC. As a major player in DeFi bug bounties, Immunefi is proud to do its part to ensure all participating projects get the very best bug bounty support available,” he added.

The BSC Accelerator fund will provide $3 million worth of BNB to support the initial batch of 30 dApps. And from Q4 2021, a new binance chain evolution proposal (BEP) will request a percentage (circa 1%) of the daily block rewards be dedicated to the bug bounty pool. The remaining $7 million in BNB rewards will be raised using the daily block rewards.

“This initiative shows strong commitment and responsibility,” says PeckShield CEO and co-founder, Xuxian Jiang.

“The BSC community needs to work together to continuously strengthen protocol security, improve risk controls, and lean towards a more proactive approach in terms of identifying and fixing potential vulnerabilities. 

He says as a blockchain security company; they are excited to be involved and expect this initiative to help the community interact with more secured projects.
 

Related stories
Top stories
Story image
Tech job moves
Tech job moves - Bitdefender, Cohesity, Fortinet & MODIFI
We round up all job appointments from June 27-30, 2022, in one place to keep you updated with the latest from across the tech industries.
Story image
Artificial Intelligence
Juniper study reveals top AI trends in APAC region
Juniper's research shows an increase in enterprise artificial intelligence adoption over the last 12 months is yielding tangible benefits to organisations.
Story image
Research
New study reveals 51% of employees using unauthorised apps
The research shows that 92% of employees and managers in large enterprises want full control over applications, but they don't have it.
Story image
Cyber Criminal
Identity and access: the fight is on
Blue team defenders are used to protecting our data, applications, and users with access controls and other security mechanisms, which is why attacks like this are especially challenging when they target identity and access control systems.
Story image
Gartner
Gartner's top recommendations for security leaders
"Leaders now recognise that major disruption is only one crisis away. We can’t control it, but we can evolve our thinking, philosophy, program and architecture.”
Story image
Secure access service edge / SASE
Cloudflare adds new capabilities to zero trust SASE platform
New features for Cloudflare One include email security protection, data loss prevention tools, cloud access security broker, and private network discovery.
Story image
Network Security
Netskope announces zero trust network access updates
Customers can now apply zero trust principles across a range of hybrid work security needs, including SaaS, IaaS, private applications, and endpoint devices.
Story image
Tech job moves
Tech job moves - ActiveCampaign, Arcserve, LogRhythm & Qlik
We round up all job appointments from June 17-22, 2022, in one place to keep you updated with the latest from across the tech industries.
Story image
Cybersecurity
Vulnerable APIs costing businesses billions every year
Large companies are particularly vulnerable to the security risks associated with exposed or unprotected APIs as they accelerate digital transformation.  
Story image
Yubico
New research shows global drive for passwordless authentication
A new study has shown there has been a significant shift towards wanting a passwordless future, but adoption is still in its infancy.
SonicWall
Find out how you and your business can prevent being caught out by everything from ransomware to cryptojacking.
Link image
Story image
Oracle Cloud
Commvault, Oracle to deliver Metallic Data Management as a Service
"We are excited to partner with Commvault and enable our customers to restore and recover their most mission-critical cloud data."
Story image
Cybersecurity
Threat actors ramp up their social engineering attacks
As people get better at identifying potential threats in their inbox, threat actors must evolve their methods. Their new M.O? Social engineering.
Story image
Cloud Security
Palo Alto Networks bolsters cloud native security offerings
Latest Prisma Cloud platform updates help organisations continuously monitor and secure web applications with maximum flexibility.
Story image
Cybersecurity
Aqua Security, CIS create software supply chain security guide
Aqua Securityand the Center for Internet Security have together released the industry’s first formal guidelines for software supply chain security.
Story image
Cybersecurity
Zero trust security adoption rises 27% in just two years
A survey of WAN managers has revealed that multi-factor authentication and single sign-on are the top zero trust features implemented.
Story image
API
Industry-first comprehensive risk-based API security enhances protection
Application Programming Interfaces (APIs) have become a crucial part of operating web and mobile application businesses and are causing significant economic growth in the digital sector.
Story image
Compliance
Stock security features inadequate in face of rising risk
"Organisations must proactively find ways of identifying unseen vulnerabilities and should take a diligent, holistic approach to cybersecurity."
Story image
Digital Transformation
What CISOs think about cyber security, visibility and cloud
Seeking to uncover the minds of CISOs and CIOs across Asia Pacific, my company recently asked Frost & Sullivan to take a snapshot of cloud adoption behaviour in the region.
Story image
INTERPOL
Hundreds arrested, millions seized in global INTERPOL investigation
A two-month-long investigation by INTERPOL this year involved 76 countries and clamped down on organised crime groups behind telecommunications and social engineering scams.
Story image
Manufacturing
Sternum joins NXP, collaborates on IoT security and observability
Sternum has announced it has joined the software partner community of NXP Semiconductors, a manufacturer of and large marketplace for embedded controllers.
Story image
DDoS
Flashpoint unveils security offering for school boards
Flashpoint has released its K-12 risk management and security offering to provide school boards and education security practitioners with tools to recognise, prevent and manage cyber and physical threats.
Story image
Identity and Access Management
Ping Identity launches corporate venture capital fund
Ping Identity has launched a corporate venture capital fund to foster innovative offerings for the identity security market.
Story image
10 Minute IT Jams
Video: 10 Minute IT Jams - An update from Rimini Street
Today we welcome back Daniel Benad, who is the GVP & regional GM for Oceania at Rimini Street.
Story image
Trend Micro
5G network projects driven by improving security and privacy
Trend Micro's new study reveals the prospect of improved security and privacy capabilities are the main motivations behind private 5G wireless network projects.
Story image
Digital Transformation
Cybersecurity priorities for digital leaders navigating digital transformation
In recent years, Asia-Pacific has especially been a hotspot for cyberattacks, and as we continue into 2022, it’s evident that the problem is becoming more significant.
Story image
HP Inc
Firmware attacks significant threat in age of hybrid work
Changing workforce dynamics are creating new challenges for IT teams around firmware security, according to new research.
Story image
Cybersecurity
Kaspersky opens three new centers to boost data management
Cybersecurity company Kaspersky has opened three new Transparency Centers, one in Japan, the second in Singapore and the third in the United States.
Story image
Cybersecurity
Greater API usage raises concerns for protection - report
Radware has released its 2022 State of API Security report, which shows a rise in APIs, with 92% of the organisations surveyed significantly or somewhat increasing their usage.
Story image
Internet of Things
Domino's Pizza: A blueprint for secure enterprise IoT deployment
Increasingly, organisations are embracing smart technologies to underpin innovations that can enhance safety and productivity in every part of our lives, from industrial systems, utilities, and building management to various forms of business enablement.
Story image
Cybersecurity
Email threats spike 101%, remains a top attack vector
"Each year we see innovation in the threat landscape, but each year email remains a major threat to organisations."
Story image
Amazon Web Services / AWS
Zscaler, AWS accelerate onramp to the cloud with zero trust
Zscaler has announced an extension to its relationship with Amazon Web Services, as well as innovations built on Zscaler's Zero Trust architecture.
Story image
Ransomware
Rapid7 report examines use of double extortion ransomware attacks
New insight into how attackers think when carrying out cyber attacks, along with further analysis of the disclosure layer of double extortion ransomware attacks, has come to light.
Story image
Motorola Solutions
Motorola Solutions deploys communication system to 5th Japanese airport
Motorola Solutions with its partner, Nippon Airport Radio Services deployed the mission critical communication system to Kansai.
Story image
Artificial Intelligence
Abnormal Security finds financial supply chain under threat
New research by Abnormal Security has found a rising trend in financial supply chain compromise as threat actors increasingly impersonate vendors.
Story image
Cybersecurity
Significant security concerns resulting from open source software ubiquity
"The risk is real, and the industry must work closely together in order to move away from poor open source or software supply chain security practices."
Story image
Collaboration
IT and security team collaboration crucial to data security
Many IT and security decision makers are not collaborating as effectively as possible to address growing cyber threats.
Story image
Ransomware
Secureworks reveals new information on BRONZE STARLIGHT threat group
New research from Secureworks has uncovered new information on the Chinese threat group BRONZE STARLIGHT and how they are using targeted ransomware to initiate complicated attacks.
Story image
Cybersecurity
FIDO Alliance releases guidelines for optimising UX with FIDO Security Keys
The new guidelines aim to accelerate multi-factor authentication deployment and adoption with FIDO security keys.
Story image
Infosys
Preparing for the digital decade with the right workforce strategies
For a decade that started under the pall of the pandemic, the 2020s is poised to end with a bang with the digital economy swelling to a high across the world.
Story image
Cybersecurity
Video: 10 Minute IT Jams - An update from CrowdStrike
Scott Jarkoff joins us today to discuss current trends in the cyber threat landscape, and the reporting work CrowdStrike is doing to prevent further cyber harm.
Story image
Apple
LastPass announces new capability for iPhones and iPads
LastPass has announced its new save and fill experience, allowing customers to fill in, create and save their credentials directly within the site's form field.
Story image
Vendor
Forescout reveals top vulnerabilities impacting OT vendors
Forescout’s Vedere Labs has disclosed OT: ICEFALL, naming 56 vulnerabilities affecting devices from 10 operational technology vendors.
Story image
WatchGuard Technologies
Ransomware volume doubled 2021 total by end of Q1 2022
Ransomware detections in the first quarter of this year doubled the total volume reported for 2021, according to a new report.