Projects would rather get hacked than pay bounties, Web3 developer claims

As hacks and exploits continue to spell rampant wrong the crypto industry, the value of uncovering vulnerabilities to forestall imaginable losses becomes of utmost importance. However, a Web3 developer highlighted that it’s not rewarding to bash so. 

In a tweet, a Web3 developer claimed that helium recovered a vulnerability successful a Solana astute declaration that would person affected respective projects and astir $30 cardinal successful funds. According to the dev, helium reported and helped spot the vulnerabilities. However, erstwhile it was clip to inquire for a reward, the projects conscionable started to disregard him.

The developer noted that this sends a incorrect connection due to the fact that it shows that projects would alternatively get hacked than person captious bugs reported to them. He wrote:

“This is wherefore you person situations similar the Mango exploit hap wherever the exploiter volition archetypal bargain the funds and past commencement negotiating. There's nary due inducement to report.”

Community members besides echoed the sentiment of the developer. Smit Khakhkhar, a chap developer, responded by claiming that helium besides made the aforesaid mistake aggregate times. “This is 1 large crushed wherefore hackers exploit archetypal and past negotiate,” helium wrote. On the different hand, a Twitter idiosyncratic thinks that it's besides imaginable for developers wrong the projects to secretly privation to exploit the codification for themselves. They tweeted:

Yep, the incentives to hack it yourself is mode higher than the inducement to report. Also..perhaps these devs secretly wanted to exploit it themselves. Don't regularisation that out. I'm definite the radical that a astir apt to spot exploits are the codification writers.

— ReddSpark (@Redd_Spark) December 20, 2022

Because of these, immoderate predict that the adjacent rhythm successful crypto volition beryllium a break-and-fix cycle. According to the assemblage member, traders could perchance wage blackhats to exploit captious vulnerabilities portion shorting projects.

Related: Trader allegedly saw implicit 5,000x gains aft Ankr protocol hack

Meanwhile, galore manufacture executives judge that artificial quality programs similar ChatGPT tin contribute to securing astute contracts. Speaking to Cointelegraph, HashEx CEO Dmitry Mishunin precocious noted that ChatGPT tin beryllium integrated and trim the fig of hacks wrong the industry.

Within crypto, galore hacks person been highlighted successful the decentralized concern (DeFi) space. Despite this, galore manufacture professionals are assured that broader DeFi adoption tin beryllium achieved by educating organization players and eliminating idiosyncratic acquisition barriers.