Zinger Key Points
- A $4.4 million bug bounty scheme has been approved by the ApeCoin DAO, which will launch on the ethical hacking platform Immunefi.
- Ethical hackers will be incentivized to detect security flaws and bugs in the DAO's token staking mechanism.
In a bid to prevent hacks on its upcoming token staking mechanism, the ApeCoin APE/USD decentralized autonomous organization (DAO) has authorized a $4.4 million bug bounty program.
The Bored Ape Yacht Club and Mutant Ape Yacht Club NFT collections from Yuga Labs use the Apecoin token within the ecosystem, which is managed by the ApeCoin DAO.
The ApeCoin DAO members approved a proposal called AIP-134, a funding request of 1 million APE ($4.4 million), for the bounty program to launch on the ethical hacking platform Immunefi.
See Also: Web3 Metaverse Project ZTX To Launch NFT Home Sale On Magic Eden
The bounty program seeks to identify potential security flaws and reward those who stake ApeCoin and Ape NFTs. The staking mechanism, currently operating on a testnet, is expected to go live in early December.
Researchers using Immunefi's platform will be rewarded under the bounty scheme for discovering software bugs.
In the cryptocurrency industry, Immunefi is one of the most active bug bounty programs. It claims to have assisted ethical hackers and security researchers in earning over $130 million in bounty payments.
Next: What The Fed's Latest Interest Rate Hike Means For Cryptocurrency
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