The ApeCoin DAO has voted to approve a $4.4 million bug bounty program with ethical hacking platform Immunefi, aiming to guard its upcoming token staking mechanism from hacks.
ApeCoin is a decentralized autonomous organization (DAO) that oversees the development of apecoin, a token used within Yuga Labs’ Bored Ape Yacht Club and Mutant Ape Yacht Club NFT collections.
According to a snapshot vote that ended today, ApeCoin DAO members approved a proposal titled AIP-134, a funding request of 1 million APE ($4.4 million) for the bounty program to go live on an ethical hacking platform called Immunefi.
As the vote is approved, the bounty program is expected to go live aiming to identify security issues in a system designed to reward those who stake apecoin and Ape NFTs. The staking system is currently running on a testnet and expected to go live in early December.
Under the bounty program, researchers on Immunefi's platform will win rewards for finding software flaws. Immunefi is one of the most active bug bounty projects in the crypto space and claims to have over 300 clients, guard over $100 billion in users' funds, and collectively offer $136 million in bounties to whitehat hackers.
The bug bounty comes as security exploits continue to plague the crypto industry. Just last month, as many as 44 exploits accounted for more than $650 million in losses.
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