Bug bounties are crucial for crypto security, but some platforms are offering low rewards, creating dangerous incentives for hackers. Cork Protocol’s $12 million hack highlights the misalignment between bounties and risk. Million-dollar rewards set a standard for security, but market forces are pressuring protocols to skimp on protection. Web2’s bug bounty failures serve as a warning for the crypto industry. The path forward requires fair, transparent, and risk-aligned bounty programs to maintain trust and security in the decentralized economy.

Read more at Cointelegraph: Bug Bounty Cuts Are Setting Crypto Up For Billion-Dollar Hacks