{"id":231594,"date":"2021-04-20T20:20:00","date_gmt":"2021-04-20T17:20:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/cream-finance-launches-1-5m-bug-bounty-to-improve-defi-security\/"},"modified":"2021-04-20T20:20:00","modified_gmt":"2021-04-20T17:20:00","slug":"cream-finance-launches-1-5m-bug-bounty-to-improve-defi-security","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/cream-finance-launches-1-5m-bug-bounty-to-improve-defi-security\/","title":{"rendered":"# Cream Finance launches $1.5M bug bounty to improve DeFi security"},"content":{"rendered":"<p>&#8220;<strong># Cream Finance launches $1.5M bug bounty to improve DeFi security <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDQvMmIzZmQ3ZjEtZGY3MC00NTA4LTllOTMtNTZlNzQ5YjY3Zjc1LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5a136f3a>Decentralized lending protocol Cream Finance is backing another major effort to improve the security of decentralized finance.<\/p>\n<p>On Tuesday, Cream Finance announced a new security campaign in collaboration with several DeFi platforms like Immunefi, Armor and DeFiSafety to bring stronger security to its protocol and the wider DeFi ecosystem.<\/p>\n<p>As part of the campaign, Cream Finance is launching a $1.5 million bug bounty program with blockchain bounty platform Immunefi to strengthen Cream\u2019s protocol, API and website security.<\/p>\n<p>The new bug bounty will focus on Cream Finance\u2019s smart contracts and the prevention of potential exploits against user funds, assets and data breach vulnerabilities. The bounty rewards will be distributed in accordance with a five-level scale <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/immunefi.com\/severity-system\/\">described<\/a> in Immunefi\u2019s vulnerability severity classification system.<\/p>\n<p>Alongside the bug bounty, Cream Finance will also work with DeFi smart cover aggregator Armor to provide users with the ability to insure their funds against a hack.\u00a0<\/p>\n<p>\u201cSecurity is the key to maturing the decentralized finance ecosystem and bringing emerging financial <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> to more users across the globe. We are delivering increased project transparency through DeFiSafety, preventing hacks with Immunefi, and providing a clear path for users to buy insurance coverage with Armor.fi,\u201d Cream Finance co-founder and project lead Leo Cheng stated.<\/p>\n<p>Cheng said that it\u2019s impossible to avoid vulnerabilities in new technologies like DeFi, but it\u2019s important to minimize the risks:<\/p>\n<blockquote><p>\u201cThere are risks, eggs will be and have been broken. We\u2019re determined more than ever to seek out innovations on both capital efficiency and safety measures. As with all new technologies, there will be more vulnerabilities along the way. The key is to minimize the impacts that these bumps on the road will bring while maximizing the benefits.\u201d<\/p><\/blockquote>\n<p>The DeFi sector was a major target for cryptocurrency hacks last year, accounting for 50% of total losses from thefts and hacks in the crypto industry in the second half of 2020. Due to its decentralized nature and unregulated status, the DeFi ecosystem is more attractive to hackers than centralized crypto exchanges, with non-DeFi crypto crimes dropping nearly 60% in 2020.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/cream-finance-launches-1-5m-bug-bounty-to-improve-defi-security\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Cream Finance launches $1.5M bug bounty to improve DeFi security &#8221; Decentralized lending protocol Cream Finance is backing another major effort to improve the security of decentralized finance. On Tuesday, Cream Finance announced a new security campaign in collaboration with several DeFi platforms like Immunefi, Armor and DeFiSafety to bring stronger security to its&#8230;<\/p>\n","protected":false},"author":1,"featured_media":231595,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDQvMmIzZmQ3ZjEtZGY3MC00NTA4LTllOTMtNTZlNzQ5YjY3Zjc1LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74983,74868,74882,75434,72373,72287,4965],"class_list":["post-231594","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-decentralization","tag-defi","tag-hacks","tag-smart-contracts","tag-rewards","tag-security","tag-technology"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/231594","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=231594"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/231594\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/231595"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=231594"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=231594"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=231594"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}