Bug Bounty Cuts Are Setting Crypto Up For Billion-Dollar Hacks

Opinion by: Mitchell Amador, founder and CEO of Immunefi

Crypto’s best defense against catastrophic hacks isn’t code — it’s incentives. Bug bounties have prevented billions in losses, and it’s important to emphasize that these billions could have been exploits, not responsible disclosures, if the right incentives hadn’t been set up. This protection only works when the incentives for white hat behavior clearly outweigh those for exploitation, and current market trends are now tilting that balance in dangerous ways.

The scaling bug bounty…