GMX Awards $1 Million Bug Bounty to Collider Research Team
Introduction
Decentralized derivatives exchange GMX has rewarded a $1 million bug bounty to Collider's research team for identifying a significant flaw in the platform. This bug was related to the debt-tracking mechanism, affecting the token pricing displayed to liquidity providers in GMX V1. The issue, discovered in 2022, has since been fully resolved.
Key Points
- Bug Discovery: The flaw was causing incorrect token price displays for liquidity providers on GMX V1.
- Bug Bounty: GMX awarded $1 million to the Collider research team for their discovery.
- Issue Resolution: The bug has been completely fixed by the GMX team.
- Importance of Risk Management: Collider Research emphasizes thorough risk management and internal auditing processes.
Statements
Shlomo Kraus, head of Collider Research, stated:
"Risk management is our top priority. We always conduct extensive due diligence and rigorous evaluations, relying not only on external sources but also on our own audit resources."
Context
Bug Bounty Programs: These programs incentivize the community to find and report security vulnerabilities in software or technology products. Successful identification of bugs is rewarded with monetary prizes by the organizing entity.
Other Examples:
- Ethereum Foundation: Increased bug bounty rewards before the Shanghai upgrade.
- Mixin: Recently offered a $20 million bug bounty to hackers.
About Collider and GMX
Collider: An Israeli venture capital firm focusing on infrastructure, middleware, and security within the cryptocurrency sector.
GMX: A decentralized derivatives exchange built on the layer-2 network Arbitrum. As of the latest update, GMX has $473 million in total value locked (TVL) across its smart contracts, according to DefiLlama.
TVL Statistics: The current TVL of GMX stands at $473 million as of September 29, 2023.
