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GMX, a decentralized futures exchange, awarded the Collider team $1 million for finding a bug in its debt tracking system . Last year, GMX had a bug that caused GMX V1 liquidity providers to receive incorrect fair value quotes for tokens, causing the price of GLP, the exchange’s liquidity provider token, to deviate from its fair value. “Our top priority is risk management. For every position, we implement an extensive due diligence process, which encompasses thorough reviews, relying not only on external sources but also on our own audits.”  Shlomo Kraus, head of Collider Research Crypto.news has reached the GMX team for comment. You might also like: GMX token generates over $2.7m in fees Following this news, GMX prices rose, adding 4.5% to $38.13, according to CoinGecko. However, the token is down by over 50% from its $91.07 all-time high recorded in April 2023. Earlier, an unidentified GMX trader exploited the Avala...

The average bug bounty payout over 1,248 confirmed reports was $52,800. According to a new report released on Dec. 21, Blockchain security firm Immunefi said that it has processed more than $65,918,994 crypto bounties paid to ethical hackers over 1,248 reports since its inception on Dec. 9, 2020. Web 3.0 projects list bounty programs on ImmuneFi to encourage whitehat hackers to report vulnerabilities and claim monetary rewards, which the company then facilitates. The payouts appear to be concentrated in nature, with bounty programs operated by Wormhole, Aurora, Polygon, Optimism, and an undisclosed firm accounting for $30.2 million worth of rewards in the past year. The median payout was $2,000, and the average payout was $52,800. A small number of critical vulnerability bug reports received the highest rewards.  "A $5,000 bounty payout for a critical vulnerability may work in the web2 world, for example, but it does not work in the web3 world. If the direct loss of funds for...