Exchange

Binance’s Bug Bounty Rewards Event to Identify Security Threats

In its latest announcement, Binance has announced a Bug Bounty Reward event in next month to ensure a robust and invincible security system.

The new Reward program is an addition to the previous program, which will run from November 22 to December 22, 2019.

Binance has ventured with Bugcrowd to make its system secured from potential vulnerabilities. As part of the program, Binance runs occasional Bug bounty Bonus reward events for its platform. Researchers can earn multiple bonuses, as part of the event just by signing the program.

What is the Bug Bounty Program?

Binance strives to provide maximum security to its users on its platform. To make the Binance ecosystem bug proof and secure, Binance is committed to provide a consistent security valuation program.

Encompassing these efforts, it has associated with Bugcrowd to find the security loopholes and its vulnerability impact on their system. The Big bounty program was launched in April 2018 along with Bugcrowd to enhance the security of the Binance exchange.

The Bug Bounty program, in partnership with Bugcrowd, has been operational for one and a half years and has opened the research gates to the researchers to find the possible security threats in the system.

New Offers in Bug Bounty Program

The bounty program offers the reward money depending on the severity of the security issue. It also mentions the terms and conditions of the program.

The latest announcement comes as an extension of the previous bounty program after March 2019, which had offered up to $10,000 BNB worth of $100,000 as bonuses then.

Apart from the above offers, it additionally offers $5000 as a bonus for identifying and reporting the potential vulnerabilities.

As per the bonus program:

For two consecutive, valid reports—Bonus awarded is 50%

For three consecutive, valid reports—Bonus awarded is 75%

For four or more consecutive, valid reports—Bonus awarded is 100%

The bonus amount varies from $200 to $10, 000, with the severity of the security threat and its potential impact on the business and the system. More severe the impact more is the bonus!

If one identifies three vulnerabilities worth of $600, he is capable of earning a total number of $600+ $600 *1.5+$600*1.75 = $2,550

The bonus amount is based on the technical severity of the reported vulnerabilities, ranging from $200 to $10,000. If you report three valid vulnerabilities worthy of $600, you can earn a total of $600+$600*1.5+$600*1.75=$2,550 for the bug bounty.

Technical Severity Bonus Range 
P1-Critical$5,000-$10,000
P2-Severe$1,500- $5,000
P3 -Moderate$600 – $1500
P4 – Low$ 200 – $ 600

The top three researchers will bag additional rewards following,

First price—$5000 in BNB plus exclusive Binance hoodie

Second price—$2,500 in BNB plus exclusive Binance hoodie

Third price—$1000 in BNB plus exclusive Binance hoodie

Bugcrowd 

San Francisco based Bugcrowd is the highly skilled group of ethical hackers, which helps organizations to track and manage security disclosers.

Bugcrowd has a vast network of highly skilled security experts across the globe. Bugcrowd so far has identified and removed 80 security threats from the Binance system.

Tags

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.
Back to top button
Close