Belt Finance paid cybersecurity expert over $ 1 million for the vulnerability found

This is the largest payout in DeFi history so far.

Belt Finance, the operator of AAM’s decentralized finance (DeFi) platform, paid $ 1.05 million to cybersecurity expert Alexander Schlindwein, who reported a vulnerability in the Belt Finance protocol that could cause approximately $ 10 million in damage.

The reward was paid under the Immunefi and Binance Smart Chain Priority One programs. Since its launch, Immunefi has paid more than $ 3 million to researchers to provide information on the issues, the platform for rewarding vulnerabilities in smart contracts and DeFi projects.

In an interview with Cointelegraph, Schlindwein explained that he had noticed a potential vulnerability in Belt Finance’s internal smart contracts function that tracks user deposits. The expert developed a PoC code that confirmed the existence of a problem that could lead to significant economic damage. Schlindwein sent a report of his find to the Immunefi platform, which was immediately passed on to the Belt team. The vulnerability was soon fixed.

The security of DeFi projects remains one of the top priorities, as such platforms are a tasty morsel for hackers. For example, in September of this year alone, two decentralized platforms, pNetwork and VEE Finance were subjected to cyberattacks. In the first case, the attackers stole 277 pBTC worth over $ 12 million, and in the second, $ 35 million in cryptocurrency.

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