The Whitehat Leaderboard, a ranking system that highlights the top 20 most skilled white hats in Web3, was made public by the bug bounty platform Immunefi.
The leaderboard will categorize white hats each day based on the number and seriousness of paid reports as well as overall profits.
As per the company's announcement at the Web Summit on November 4, the rank will assess a specific white hat's talents and standing inside Immunefi's security community.
A white hat hacker is someone who finds security flaws in an organization's information technology security. The top ten white hats in Immunefi's community have earned over $42 million in cumulative profits by revealing serious vulnerabilities that have resulted in large reward payments in the software industry.
White hats will be classed daily in the leaderboard based on the quantity and severity of paid reports, as well as total earnings made. Immunefi's community of hackers evaluates projects' blockchain and smart contract code, revealing vulnerabilities and being compensated for it. The awards are determined by the severity of the detected vulnerability.
According to Mitchell Amador, founder and CEO of Immunefi, "the leaderboard is another opportunity to offer our white hats the recognition they deserve. Also, to urge them to keep pushing the boundaries to make the web3 ecosystem safer."
According to the firm, white hats that score highly on the leaderboard will be chosen on a regular basis to get further awards, all-expenses-paid trips, special gear, and speaking opportunities.
Immunefi, which was founded in 2020, claimed to have rescued over $25 billion in customer payments and handed out over $62 million in rewards. The platform already serves 300 projects from various crypto sectors, assisting industry participants in saving funds saved in smart contracts.
Among the top white hat bounties given in the last two years, Immunefi facilitated payment for the discovery of a critical bug in the Wormhole core bridge contract on Ethereum. The contract resulted in a record-breaking bug reward of $10 million for a white hat identified as satya0x. Also, the crucial infinite spend bug was discovered in Aurora Engine, which resulted in a $6 million reward for white hat pwning.eth.
This year's crypto industry challenges included security flaws. On October 11, a hacker altered the price of Mango Markets' native token, MNGO, in order to boost prices. The attacker took out large loans against the exaggerated collateral, emptying Mango's bank account. After a proposal on Mango's governance forum was adopted, the hacker was permitted to keep $47 million as a "bug bounty," while the remaining $67 million was returned to the government.
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