Business News Report
May 18, 2023

LayerZero Labs Teams Up with Immunefi for $15M Bug Bounty Initiative to Promote Web3 Security

In Brief

LayerZero Labs has launched a $15 million bug bounty in partnership with Immunefi.

The bug bounty is the largest in the history of the software industry.

LayerZero Labs is offering a maximum reward of $15 million for each new vulnerability uncovered at the highest severity level.

LayerZero Labs Teams Up with Immunefi for $15M Bug Bounty Initiative to Promote Web3 Security

LayerZero Labs, the team behind cross-chain messaging protocol LayerZero, has launched a $15 million bug bounty in partnership with Immunefi, the leading bug bounty and security services platform for web3, protecting over $60 billion in user funds.

According to a press release, the bug bounty is the biggest in the history of the software industry, demonstrating LayerZero’s commitment to web3 security as well as the developers and users in the LayerZero ecosystem.

For each new vulnerability uncovered at the highest severity level by participants, LayerZero is offering a maximum reward of $15 million. With this incentive, LayerZero aims to set a new bar for bug bounties across all areas of the software industry.

This initiative comes after LayerZero Labs closed its $120 million Series B funding round at a valuation of $3 billion in April. As a blockchain messaging protocol, LayerZero facilitates cross-chain messaging across 30 blockchains and provides the underlying infrastructure for developers to create interoperable, chain-agnostic dApps. 

“With the launch of the largest bug bounty in the world, we hope that LayerZero’s commitment to Web3 security and the individuals who make the community stronger is clear,” Bryan Pellegrino, CEO of LayerZero Labs, said in a statement. “We care deeply about building the safest, most used messaging protocol in the world.”

The LayerZero protocol is used by decentralized exchanges, such as PancakeSwap, Sushiswap, TraderJoe, and Uniswap.

“We’ve paved the way to reach the highest security standards in the industry and worked to provide projects with the necessary structure and access to the strongest security talent. LayerZero’s bounty is a testament to what we should continue moving towards, and that’s an undeniable commitment to security,” said Mitchell Amador, Founder and CEO at Immunefi. 

Immunefi has been safeguarding user funds across projects like Synthetix, Chainlink, SushiSwap, Polygon, Bancor, MakerDAO, TheGraph, Optimism, and others.

With a staggering $75 million in rewards already distributed, Immunefi stands out as the largest bug bounty platform in web3. It boasts a thriving community of top-notch security experts that scrutinize blockchain and smart contract codes of various projects to uncover vulnerabilities and responsibly report them, all while earning compensation for their efforts in safeguarding the ecosystem.

The terms and conditions of the bug bounty, including eligibility criteria, can be found here. Vulnerabilities must meet the criteria determined by LayerZero Labs at its sole discretion.

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Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.

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Cindy Tan
Cindy Tan

Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.

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