Компании Circle и Tether слишком мало платят за поиск багов — LlamaRisk

cryptonews.ruPubblicato 2025-05-10Pubblicato ultima volta 2025-09-11

Компания LlamaRisk, оказывающая услуги по управлению рисками в сфере децентрализованных финансов (DeFi), раскритиковала крупнейших эмитентов стейблкоинов Circle и Tether за «неадекватные» программы вознаграждения по обнаружению багов, выплаты за которые не превышают $10 000.

LlamaRisk оценила программы вознаграждения для криптоактивов, представленных в протоколе Aave V3. Эксперты обнаружили, что эмитенты 33 криптоактивов, доля которых составляет $19,7 млрд от общего объема Aave, справедливо вознаграждают белых хакеров за обнаружение уязвимостей. Однако разработчики десяти активов, на которые приходится $19,2 млрд от общего объема активов Aave, либо не запускают подобные программы, либо недостаточно оплачивают поиск ошибок.

По данным LlamaRisk, выпускающая стейблкоины USDC компания Circle, несмотря на управление активами на сумму $70 млрд, недостаточно оценивает усилия исследователей, выплачивая им не более $5000. А компания Tether, выпускающая токены USDT, в управлении которой находятся активы на сумму $160 млрд, предлагает награду за найденные ошибки не более $10 000.

В LlamaRisk назвали и другие проекты с мелкими вознаграждениями за обнаружение багов: BitGo Wrapped Bitcoin, Gnosis и Ripple, тогда как у EtherFi, Monerium, PayPal и Agora программы вознаграждений и вовсе отсутствуют. Эксперты отметили, что Circle, Tether и Paywell, будучи централизованными эмитентами с полным, как утверждают разработчики, резервированием, вполне способны компенсировать потенциальные риски безопасности.

Исследователи LlamaRisk порекомендовали компаниям назначать белым хакерам минимальную награду в $50 000, которая должна увеличиваться в зависимости от общей заблокированной стоимости активов (TVL). Для протоколов с TVL более $250 млн, было бы разумно выплачивать награду более $1 млн. Это должно привлечь квалифицированных специалистов по безопасности и сделать поиск уязвимостей более эффективным, заявили в LlamaRisk. Белым хакерам также рекомендуется составлять отчет о найденных ошибках в программном обеспечении, не разглашать его третьим лицам и не злоупотреблять результатами своих исследований.

В прошлом году разработчики протокола кредитования Compound Finance в партнерстве с компанией Immunefi запустили программу вознаграждений до $1 млн за поиск уязвимостей. За обнаружение мелких багов предусмотрены выплаты от $1000.

Letture associate

A Guide to Grayscale’s ‘Bottom Fishing’: Using Cash Flow to Assess Cryptocurrency Value

**Title:** Grayscale's Guide to Bottom-Fishing: Valuing Cryptoassets Using Cash Flows **Summary:** This report by Grayscale Research presents a fundamental valuation framework for cryptocurrency assets, moving beyond pure speculation to analyze those with underlying cash flows. It distinguishes between "commodity-like" assets (e.g., Bitcoin) and "cash-flow" assets, primarily within DeFi. Using the leading decentralized lending protocol Aave as a case study, the analysis applies traditional financial methodologies like Discounted Cash Flow (DCF) and Price-to-Earnings (P/E) multiples. Key findings indicate that AAVE tokens are currently undervalued. Despite recent challenges, the protocol's strong revenue growth, ~50% net profit margin, and diversified treasury support a fundamental valuation range of $80-$100 per token (compared to a ~$75 market price at the time of writing). In a base-case scenario driven by stablecoin adoption and regulatory clarity, the fair value could rise to around $175 within a year. The report emphasizes that protocol success does not automatically translate to token value. It critically examines the "value capture" mechanisms—such as buybacks, burns, and staking rewards—that channel protocol profits to token holders. Furthermore, it addresses the legal and governance complexities of Decentralized Autonomous Organizations (DAOs), noting their difference from traditional corporate equity but highlighting how robust, transparent governance can align protocol economics with holder interests. The conclusion is that the crypto market is maturing, with capital increasingly flowing towards projects with demonstrable fundamentals, real adoption, and disciplined capital allocation, creating opportunities for value-based investors.

marsbit42 min fa

A Guide to Grayscale’s ‘Bottom Fishing’: Using Cash Flow to Assess Cryptocurrency Value

marsbit42 min fa

After semiconductors lead the gains, are funds buying into AI orders or a macroeconomic rebound?

After US-Iran talks led to a temporary ceasefire and framework for reopening the strategic Strait of Hormuz, U.S. stocks rose on June 18, with the Nasdaq gaining 1.9%. The semiconductor and AI hardware sectors outperformed. This rally stemmed primarily from reduced geopolitical risk, which lowered oil prices and inflation expectations, easing discount rate pressure on high-valuation growth stocks like tech. The key question is not whether tech rebounded, but the nature of the rebound. The market appears to be selectively repricing AI infrastructure plays rather than broadly chasing AI narratives. Gains were concentrated in chips, optical interconnects, memory, and domestic manufacturing—segments tied to tangible data center build-outs and capital expenditure. Intel's ~10% surge, fueled by a Trump statement about potential Apple collaboration, exemplifies this mixed dynamic. It reflects policy catalysts and domestic manufacturing sentiment more than confirmed fundamentals. Meanwhile, strong earnings from companies like Astera Labs (revenue up 93% YoY) provided concrete evidence of AI-driven demand in hardware. In essence, the rally represents a risk-premium recalibration. Lower Middle East tensions opened a valuation repair window, and capital flowed first into AI infrastructure segments with visible near-term revenue streams. The sustainability of this move hinges on upcoming Q2 earnings, specifically continued strength in cloud provider capex, AI server orders, and hardware company guidance. Policy hopes alone are insufficient; the cycle needs validation from orders and financials.

marsbit48 min fa

After semiconductors lead the gains, are funds buying into AI orders or a macroeconomic rebound?

marsbit48 min fa

Kraken Adds Solana On-Chain Token Trading Directly Inside Its App

Kraken has integrated on-chain Solana token trading directly into its main app, eliminating the need for users to use a separate wallet or manage seed phrases. Eligible customers in the U.S. and over 100 countries can now trade approximately 2,500 verified Solana-based tokens within the familiar Kraken interface. This move aims to simplify decentralized trading by using embedded wallet technology from Privy and Solana DEX protocols to handle transactions in the background, while displaying on-chain holdings alongside centralized exchange balances. The exchange chose Solana due to its fast-moving token markets and retail trader familiarity, offering access to assets that often appear on-chain before centralized listings. However, Kraken clarifies that these on-chain tokens have not undergone the same review process as centralized listings, meaning market risks remain. This integration reflects a broader trend of major exchanges incorporating DeFi features to retain users who seek early access to new tokens. While not replacing advanced DeFi wallets, Kraken's solution seeks to make on-chain trading more accessible to a mainstream retail audience.

bitcoinist1 h fa

Kraken Adds Solana On-Chain Token Trading Directly Inside Its App

bitcoinist1 h fa

Litecoin ETF’s Slow Start Shows Altcoin Funds Still Face A Demand Test

The Canary Capital spot Litecoin ETF (LTCC) has had a slow start, with reported inflows of around $9.3 million since launch and assets under management at a lower level. This highlights the significant gap in institutional demand compared to Bitcoin and Ethereum ETFs. While Litecoin has an established history, its more modest narrative around payments and longevity hasn't yet made it a must-own institutional product. The case demonstrates that regulatory approval alone does not guarantee strong investor allocation. For the broader altcoin ETF thesis, future products may see different demand, but Bitcoin and Ethereum are likely to remain the primary institutional channels for the foreseeable future.

bitcoinist2 h fa

Litecoin ETF’s Slow Start Shows Altcoin Funds Still Face A Demand Test

bitcoinist2 h fa

The Entire Internet Hails Noam's Joining, But OpenAI's Loss Bill Just Got Thicker

While the AI community celebrates Noam Shazeer, co-author of the "Attention Is All You Need" paper, joining OpenAI as Head of Architectural Research, the company's audited financials reveal a starkly different reality. In 2025, OpenAI reported $13.07 billion in revenue but a massive $20.92 billion operating loss. Even excluding a one-time accounting charge, the cash burn is severe, with $3.7 billion consumed in Q1 2026 alone. This high-profile hiring occurs against a backdrop of significant internal research talent drain, with key founders and researchers departing as the company's focus shifts from exploratory research to product iteration. Meanwhile, OpenAI's fundamental business model faces a deep crisis. It paid Microsoft $10.59 billion for compute in 2025, while its vast user base of 9 billion weekly actives includes only 50 million paying customers, making growth a direct driver of escalating costs. The article argues Shazeer's recruitment is less about technical necessity and more about crafting a compelling narrative for OpenAI's upcoming IPO, aiming to justify a rumored $1 trillion valuation to future public market investors. It contrasts OpenAI's strategy with Anthropic's reported path to profitability, which relies on a strong enterprise customer base and cost control, rather than star-powered narratives. Ultimately, the piece concludes that while Shazeer's architectural work may take 1-2 years to materialize, OpenAI's financial clock is ticking much faster, with its massive losses undercutting the celebratory headlines.

marsbit2 h fa

The Entire Internet Hails Noam's Joining, But OpenAI's Loss Bill Just Got Thicker

marsbit2 h fa

Trading

Spot

Futures