Bitcoin-Based DeFi Protocol Sovryn Raises $10M, Offers $1.2M Bug Bounty

The London-based DeFi project raised the equivalent of $10 million in bitcoin through the presale of its governance token.

Mar 3, 2021 at 12:49 p.m. UTC

Updated Sep 14, 2021 at 12:20 p.m. UTC

Sovryn, a bitcoin-based DeFi protocol, is offering a $1.2 million bug bounty after raising $10 million in a token presale.

The London-based project raised the funds in bitcoin through the presale of its governance token SOV at a price of 9,736 satoshis (the smallest BTC unit, equivalent to a 100 millionth of a bitcoin) per token.
The total digital assets Sovryn has raised now stands at $16 million, according to an announcement shared with CoinDesk.
The funds will partly be invested in the protocol's bug bounty program, now offering white hat hackers up to $1.25 million if they can spot critical flaws in the Sovryn smart contract.
Sovryn claims bounty, offered in partnership with bug bounty platform Immunefi, is the largest ever.
Immunefi co-founder Travin Keith believes the program will "incentivize white hats to look through the code as well as incentivizing black hats to disclose bugs, instead of exploiting them."
The platform's page for the bounty states: "The final reward amount is capped at 10% of the funds at risk based on the vulnerability reported."
The bounty would be paid out in bitcoin or the SOV token.

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