Folks Finance considers the security of its users as its highest priority. Alongside audits successfully completed with Runtime Verification, Coinspect and Vantage Point, the bug bounty program is a fundamental addition.
Therefore, Folks Finance launches a $200,000Bug Bounty program on Immunefi to increase the protocol's robustness.
Rewards by Threat Level
Rewards are distributed according to the impact of the vulnerability based on the Immunefi Vulnerability Severity Classification System V2.2. This is a simplified 5-level scale, with separate scales for websites/apps, smart contracts, and blockchains/DLTs, focusing on the impact of the vulnerability reported.
All web/app bug reports must come with a PoC with an end-effect impacting an asset-in-scope in order to be considered for a reward. All High and Critical Smart Contract bug reports require a PoC and a suggestion for a fix to be eligible for a reward. Explanations and statements are not accepted as PoC and code is required.
Critical smart contract vulnerabilities are capped at 10% of economic damage, primarily taking into consideration funds at risk, but also PR and branding aspects, at the discretion of the team. However, there is a minimum reward of USD 100 000.
The Algorand Foundation has agreed to match 100% of any financial reward offered by Folks Finance for any validated Critical or High impact vulnerability payout. In effect, if a white hat finds a critical vulnerability and it is validated, they will be eligible to receive USD 100,000 from Folks Finance as well as USD 100,000 from the Algorand Foundation for a total of USD 200,000.
The following vulnerabilities are not eligible for a reward:
KYC shall be completed for bug bounty hunters submitting a vulnerability report and requesting a reward for Critical and High Smart Contracts vulnerabilities and Critical Websites and Applications vulnerabilities. The basic information needed is full name, residential address, and passport details (DOB, issuing country and passport number). Based on the basic information submitted, Folks Finance team may request further information at its sole discretion for compliance with applicable Laws.
Additionally, all levels of bug bounty hunters submitting a vulnerability report and requesting a reward need to submit certification that (i) they are not acting, directly or indirectly, for or on behalf of any person, group entity, or nation named by any Executive Order or the United States Treasury Department as a terrorist, “Specially Designated National and Blocked Person,” or other banned or blocked person, entity, nation, or transaction pursuant to any law, order, rule or regulation that is enforced or administered by the Office of Foreign Assets Control; and (ii) they are not engaging in, instigating or facilitating this transaction, directly or indirectly, on behalf of any such person, group, entity, or nation. They also need to submit an attestation that all information provided is true, correct, up-to-date and not misleading. The collection of this information will be done by the Folks Finance team.
Payouts are handled by the Folks Finance team directly and are denominated in USD. However, payouts are done in USDCa.
Critical -> USD 100,000 to USD 200,000
High -> USD 50,000
Medium -> USD 2,000
Low -> USD 1,000
Website and Application
Critical -> USD 50,000
For more information visit the dedicated page on Immunefi