Uniswap launches largest bug bounty worth over 15M dollars

According to Uniswap Labs, one of the largest decentralized exchanges, the company announced that it has launched the "largest bug bounty in history" ahead of the Uniswap v4 release.

The company posted to X on Tuesday, saying, "We're rewarding up to $15.5 million to anyone that finds a critical vulnerability in v4 core contracts."

Uniswap Labs bug bounty program

Uniswap Labs gave more detail on its bug bounty program in a blog post. The bounty program, which is now in operation, offers rewards for finding unique vulnerabilities that lead to code changes that range from $2,000 to the entire $15.5 million purse.

The company stated that "the program includes vulnerabilities and bugs in any deployed Uniswap contract and the main branch of the specified undeployed v4-core contracts." 

However, the team will consider the issue to be within the scope of our bounty as an Other Uniswap Contract Code if you discover a bug in a Uniswap smart contract outside of these repositories that puts user funds at risk, the post added.

The $15.5 million bug bounty program, according to the company, is "an extra step to ensure v4 is as secure as possible."

Uniswap Labs to reward people for their discovery

In order to find possible security flaws or breaches, developers and security researchers are invited to review a project's code through cryptocurrency bug bounty programs. After that, projects will compensate individuals for their findings, the post added.

Immunefi, a web3 security services platform, has already paid out more than $100 million to researchers and ethical hackers as of June this year. Data at the time showed that its largest total payout for the same bug was close to $15 million. If Uniswap's $15.5 million bounty were to be claimed in a single payout, it would surpass all previous payouts in recent memory, according to the data that is currently available. 

Uniswap previous hack

Hackers successfully stole about $25.2 million worth of cryptocurrency from the well-known decentralized cryptocurrency market Uniswap in 2023 by employing the sandwich attack. The attack exploited a weakness in Uniswap's pricing system, allowing hackers to purchase and sell tokens at exorbitant prices. By doing this, the exchange was successfully duped into transferring funds to the hackers' wallets. 

The hack resulted in the theft of assets valued at $25.2 million from eight different Uniswap pools. The incident serves as a reminder of the risks associated with decentralized exchanges and the need for caution when working with them. Since then, Uniswap has taken steps to address the exploited vulnerability of the attack and has advised its users to remain vigilant in protecting their funds. 

Furthermore, on July 20, 2023, followers were informed by the Telegram channel "Web3 Security Alerts" that Uniswap founder and CEO Hayden Adams' Twitter account had been compromised. The founder and CEO of Uniswap sent a misleading tweet to its more than 254,000 followers, urging them to click on a malicious link, stating that the platform's Permit2 contract had been "affected by an unknown exploit" and that users' tokens were in danger.

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