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DeFi Project ArmorFi Awards $1.5M Bounty for Bug Alert That Potentially Saved Its Reserves

ArmorFi's CTO has also offered to get a tattoo chosen by the ethical hacker who found the bug.

Updated Sep 14, 2021, 12:07 p.m. Published Feb 5, 2021, 11:43 a.m.

ArmorFi, a decentralized finance (DeFi) insurance brokerage, is paying a hefty bug bounty of $1.5 million in tokens to a white-hat hacker who found a "critical bug" that could have seen all the firm’s underwriting funds drained.

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Submitted by Alexander Schlindwein via bug bounty platform Immunefi, the submission was awarded the largest bounty ever paid out in the DeFi community, Immunefi said.
Schlindwein submitted the bug just a day after ArmorFi offered 1 million "mostly vested" Armor tokens (currently worth nearly $1.5 million) to anyone who could spot a critical exploit in its smart contracts.
As an amusing addition, ArmorFi's CTO Robert Forster had offered to get a tattoo of the name or handle of any hacker who found a critical bug. That's now an option for Schlindwein.
“It’s a real privilege to have made possible the largest ever bug bounty payout. We’re going to keep rewarding the developers who make DeFi safe, and this is just the beginning,” said Immunefi CEO Mitchell Loureiro.