Multichain announced 10% of its monthly transaction fees to set aside for Security Fund

SINGAPORE, March 18, 2022 /PRNewswire/ -- On March 17, 2022, Multichain announced that a security fund for protecting users' assets from potential risks was officially established. From March 17 onward, 10% of Multichain's monthly transaction fee will be set aside for the security fund. On the same day, it also jointly launched a bug bounty program with Immunefi. The maximum bounties up to  $2,000,000 have been set to encourage Multichain vulnerability review and disclosure.  

Multichain Security Fund

Multichain has decided that from March 17 onward, 10% of Multichain's monthly transaction fee will be set aside for the security fund. This fund is mainly used to compensate users for any potential loss caused by vulnerabilities in Multichain systems and services. When risks occur and users indeed suffer from losses, Multichain will jointly investigate the incident with a third-party security agency, to analyze and identify the causes of the loss. An analysis and compensation plan will be displayed in the Multichain community. This provision, however, does not apply to user losses caused by project partners' systems/services, misoperations by users themselves, or risky operations by users themselves through negligence. Multichain will strictly follow the terms of the fund, to effectively protect the legitimate rights and interests of Multichain users.  Click here to learn more details about Multichain Security Fund.

Bug Bounty Program up to $2M

In collaboration with Immunefi, this bug bounty program is set to encourage the community to review Multichain's code and security. Multichain will provide considerable rewards ($500 to $2,000,000) for discovering and submitting vulnerabilities. Multichain believes it's important to make the good guys stay motivated and make sure they know they are appreciated.

The main BBP scope includes the entire architecture of Multichain, as well as all currently deployed components, developer documents and listed assets, and smart contract addresses. Smart contracts and applications built by third-party developers on the basis of Multichain are not included in the Program's reward scope. Click here to learn more details about the program.

About Multichain

Multichain, born as Anyswap on the 20th July 2020, is positioned as a fully decentralized Cross-Chain Router Protocol (CRP), an infrastructure supporting multi-chain ecosystem. Multichain envisions to be the ultimate router for web3. 

Multichain is now the leader in the cross-chain field with a rapidly expanding ecosystem. It currently supports 36 chains and has deployed bridges for over 1,700 tokens. It has sustained a daily trade volume of more than $300 million and a Total Value Locked in excess of $8.6 billion. Nearly 10,000 daily users are a testament to its popularity and security.

SOURCE Multichain