Due to the unregulated status of DeFi, it is often an easy target for hackers that accounts for almost 50% of the total thefts and hacks happening in the crypto industry. To improve this overall DeFi security, C.R.E.A.M Finance, the decentralized lending protocol, announced the launch of a new security campaign (a bug bounty program worth $1.5 million) in collaboration with leading DeFi platforms like Immunefi, DeFismart hedge aggregators like Armor.fi, and DeFiSafety. According to the co-founder and project manager of C.R.E.A.M Finance, Leo Cheng, there will be more vulnerabilities coming up in the way of technology evolution which are difficult to avoid, but steps need to be taken to minimize the risks; the new security campaign will aim at minimizing these risks and threats. In an independent safety review by DeFiSafety, CREAM Finance was rated 83%. DeFiSafety provides a comprehensive 3rd party verification for risks and transparency for various upcoming projects in the DeFi ecosystem. The new bug bounty program also aims at improving the overall security of C.R.E.A.M’s protocol, website security, and API.
The security campaign will be focussed on the various smart contracts and web applications of C.R.E.A.M. Finance and will go to the extent of rewarding White hat hackers for disclosing vulnerabilities in C.R.E.A.M’s protocol.
All the rewards for the bug bounty are distributed on a 5-level scale listed in the “Immunefi Vulnerability Severity Classification System.” Moreover, there will be separate scales for each application, smart contract, blockchain, websites, and applications.
The Immunefi bug bounty contributes to the reinforcement of the C.R.E.A.M community through regular audits, security functions, and bug bounties. Moreover, C.R.E.A.M’s collaboration with Armor.fi provides its users an opportunity to protect their funds from all kinds of exploits and data breach vulnerabilities on user’s funds, application assets, and websites. Like Immunefi, Armor.fi also incentivizes other DeFi users for underwriting risks on listed protocols by providing rewards to those who will saddle the risks.