ApeCoin’s Decentralized Autonomous Organization (DAO) has agreed to establish a $4.4 million bug bounty program with the ethical hacking platform Immunefi in order to protect its forthcoming token staking mechanism against cyberattacks.
ApeCoin is a DAO that supervises the creation of apecoin, a currency utilized in Yuga Labs’ Bored Ape Yacht Club and Mutant Ape Yacht Club NFT collections.
ApeCoin DAO members accepted AIP-134, a funding request of 1 million APE ($4.4 million) to launch the bounty program on the ethical hacking platform Immunefi, according to a vote that concluded today.
As soon as the vote is accepted, the bounty program aimed to find security flaws in a system that rewards people who stake apecoin and Ape NFTs is scheduled to become online. Currently operating on a testnet, the staking mechanism is anticipated to become live in early December.
Under the bounty scheme, researchers on the Immunefi platform will be compensated for discovering software vulnerabilities. Immunefi is one of the most active bug bounty initiatives in the cryptocurrency field, claiming to have over 300 customers, protecting over $100 billion in user assets, and offering $136 million in total rewards to whitehat hackers.
As security vulnerabilities continue to plague the crypto sector, the bug bounty has been established. In the previous month alone, 44 cases of abuse caused losses in excess of $650 million.