A whitehat hacker has seen what was already one of the largest smart contract-related bug bounties ever awarded more than double, after the ARMOR token price pumped following the announcement of his reward.
If left unpatched, the bug would have allowed a bad actor with just one dollar of coverage to drain the entirety of funds from ArmorFi’s underwriting contract.
Schlindwein was awarded 1 million Armor tokens, worth about $700,000 at the time of the announcement.
However, news of the bug bounty payout increased market confidence in the platform and caused the token price to surge to a high of $1.58. This meant that the value of Schlindwein’s windfall topped $1.5 million, making it one of the largest bug bounties ever to be awarded.
ArmorFi chief technology officer Robert Forster, who had introduced the bounty, offered to get a tattoo of Schlindwein’s choice to commemorate the find.
Such bounties have emerged as one of the key ways to battle-test new platforms before going live.