Crypto billionaire Sam Bankman-Fried has outlined a framework for limiting the impact of the hacks and exploits plaguing the industry, including capping the maximum bounty for attackers at $5 million.
His intervention comes just days after a hacker got to keep $50 million of the roughly $100 million drained from the Mango decentralized-finance application under a deal with the platform after the heist. Over $3 billion has been looted from the crypto sector this year, which is set to be a record for hacking.
Bankman-Fried, co-founder of digital-asset exchange FTX, proposed in a blog post what he called a “5-5 standard” where hackers keep either 5% of the amount they’ve taken from a protocol or $5 million, whichever is smaller.
‘Enforcement 40’ for 2020
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