Ever Wonder How DeFi Apps Stay Safe?

[R1dwanRz]

I’ve been using crypto wallets and DeFi apps daily, but I never really thought about how they stay secure in a deeper level until Recently, I heard someone talking about Immunefi on reddit and its bug bounty program, and it made me see security in a whole new way.

Got to discover Immunefi helps protect blockchain projects by finding bugs before hackers can exploit them. So far, it has helped secure over $180B in user funds across 650+ projects, including Ethereum, Aave, Chainlink, Optimism, and Arbitrum. It has also prevented more than $25Bin potential losses.

The platform runs the largest bug bounty program in crypto. Projects create bounties and set rewards based on how serious a bug isCritical, High, Medium, or Low.

This made me Curious to learn more, so i read about people submitting bounties and how much work it takes to find a real issue. I also compared it with other platforms like HackerOne and HackenProof to see how reporting, payouts, and verification differ. It really opened my eyes to how much goes into keeping DeFi safe. Crazy sums!.

Now, With the recent launch of the IMU token, and exposure created opportunities like these>> launchpool  I’m wondering: has anyone here tried submitting a bounty on Immunefi? What was your experience like?

And for anyone using crypto or DeFi apps every day, understanding how these programs work can make a big difference in keeping your funds safe.

[jossiel]

No matter what security bug bounty they run and have that large pool prize for the hunters. The impression of DeFi for me will not change anymore.

And that's they're an apple of the eye of the hackers because of how bountiful they are and large the money that circulates there.

That is the reason why we often read news of how many DeFi apps have been hacked. So, as an investor, I'll avoid going in them even with good audits or records they propose.

[JeromeTash]

I was about to think that you had changed for good. For the first time, I thought you had posted something sensible. Something that is not about shilling a certain service, and then on checking the shared link, I just realized it's the same stupidity all over again.
Do you find that what you are doing is now boring? How far must you go with the shilling?

[TastyChillySauce00]

Shill aside, immunefi is just reinventing the wheel, every good and trusted project already have bounty for bugs and audit their smart contract regularly and whenever they deploy a new ones.

Smart contracts routinely audited by different audit firms such as OpenZeppelin and CertiK for a long time. It's not like immunefi appear and suddenly defi become secure. It's a good to have platform but not necessarily the only thing that keep defi safe.

[hugeblack]

The problem is that some DeFi app hacks come from insiders, either former employees or part of a social attack or exit scam, so even if the bug bounty program is generous, it will certainly not be worth the same as stealing money, especially if it is part of an exit scam.

[$crypto$]

Do you find that what you are doing is now boring? How far must you go with the shilling?

Every post will keep saying Bitget, I guess this is part of her promotion.

The problem is that some DeFi app hacks come from insiders, either former employees or part of a social attack or exit scam, so even if the bug bounty program is generous, it will certainly not be worth the same as stealing money, especially if it is part of an exit scam.

DeFi is always a loophole where hackers can do these actions when there is an opportunity, then you say from insiders or former employees it makes sense because it could be that the loophole came from those who told him.

Even though DeFi has high security, I still saw on X that DeFi was hacked several times.

[R1dwanRz]

No matter what security bug bounty they run and have that large pool prize for the hunters. The impression of DeFi for me will not change anymore.

And that's they're an apple of the eye of the hackers because of how bountiful they are and large the money that circulates there.

That is the reason why we often read news of how many DeFi apps have been hacked. So, as an investor, I'll avoid going in them even with good audits or records they propose.

So you're saying you're more aligned with cex than Defi apps? They're some secure Defi apps though. And tbh navigating through them is fun.

Shill aside, immunefi is just reinventing the wheel, every good and trusted project already have bounty for bugs and audit their smart contract regularly and whenever they deploy a new ones.

Smart contracts routinely audited by different audit firms such as OpenZeppelin and CertiK for a long time. It's not like immunefi appear and suddenly defi become secure. It's a good to have platform but not necessarily the only thing that keep defi safe.

Yeah from their stats you can see that, and they're thriving with how much they've recovered and prevented so far.

[jossiel]

No matter what security bug bounty they run and have that large pool prize for the hunters. The impression of DeFi for me will not change anymore.

And that's they're an apple of the eye of the hackers because of how bountiful they are and large the money that circulates there.

That is the reason why we often read news of how many DeFi apps have been hacked. So, as an investor, I'll avoid going in them even with good audits or records they propose.

So you're saying you're more aligned with cex than Defi apps? They're some secure Defi apps though. And tbh navigating through them is fun.

Sort of but I only use them when I'm about to sell. But if it's the regular usage, it's made me avoided the Defi apps.

I know that there are some which are secure but it made me think generally that I shouldn't get into it.

Maybe my mind will change and I understand that searching for the good ones is fun but, what if I have no time in them and that's why.