CertiK exec Simon Zhu highlighted that in Web3 minor vulnerabilities can become major overnight and that playing chicken with user deposits is not a responsible approach.
While the recent hacks could’ve been avoided through safe and profitable bug bounty programs, it may be a result of bounty offers not being worth it from the perspective of a white hat or ethical hacker.
“Putting yourself in the shoes of a researcher, if you find an exploit that can create millions of dollars in stolen funds, but the developer is only offering a $5,000 reward, it can create a disproportionate amount of incentive to not take the bounty.” “White hat bug bounty programs are clearly preferable here. Platforms that do not offer a bug bounty program allowing for the safe and profitable disclosure of vulnerabilities may find themselves paying a much higher price.”
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