Balanced

Submit a Bug
19 April 2021
Live since
Yes
KYC required
$200,000
Maximum bounty
13 October 2022
Last updated

Program Overview

Balanced is a DAO (Decentralized Autonomous Organization) consisting of a decentralized balance sheet of ICX collateral, with the vision of creating a vibrant ecosystem of tokens pegged to the value of real-world assets. It allows users to mint, borrow, and retire pegged assets, while also providing market makers with clearly defined arbitrage opportunities. The initial iteration of Balanced will support the minting and retiring of USD-pegged assets referred to as Balance Dollars (bnUSD).

For further information about Balanced, you can check their white paper here: https://docs.balanced.network/technical/white-paper.

The bug bounty program is focused around their smart contracts and is mostly concerned with the loss of user funds and the shutdown of the contracts.

Rewards by Threat Level

Rewards are distributed according to the impact of the vulnerability based on the Immunefi Vulnerability Severity Classification System. This is a simplified 5-level scale, with separate scales for websites/apps and smart contracts/blockchains, encompassing everything from consequence of exploitation to privilege required to likelihood of a successful exploit.

In addition to the Immunefi Severity Classification System, the Balanced Bug Bounty Program considers any vulnerability resulting in the cessation of functionality of a smart contract to be of high severity. In the event of conflict between this rule and the Immunefi Severity Classification System, this rule will prevail.

Critical vulnerabilities are further capped at 10% of economic damage, primarily focusing on the funds at risk, though consideration for branding and PR may also be applied, only at the discretion of the team. However, there is a minimum reward of USD 50 000.

Payouts are handled by the Balanced team directly and are denominated in USD. However, payouts are done in ICX. In the event of multiple submissions of the same vulnerability, the first complete bug report is the only one that shall receive a reward.

Smart Contract

Critical
Level
Up to USD $200,000
Payout
High
Level
USD $2,000
Payout

Assets in scope

Only the development branch is within the scope of this bug bounty program. Bug reports in any other branch will not be accepted.

Impacts in scope

Only the following impacts are accepted within this bug bounty program. All other impacts are not considered as in-scope, even if they affect something in the assets in scope table.

Smart Contract

  • Critical Smart Contract Impact
    Critical
    Impact
  • High Smart Contract Impact
    High
    Impact

Out of Scope & Rules

The following vulnerabilities are excluded from the rewards for this bug bounty program:

  • Attacks that the reporter has already exploited themselves, leading to damage
  • Attacks requiring access to leaked keys/credentials
  • Attacks requiring access to privileged addresses (governance, strategist)
  • Incorrect data supplied by third party oracles
    • Not to exclude oracle manipulation/flash loan attacks
  • Basic economic governance attacks (e.g. 51% attack)
  • Lack of liquidity
  • Best practice critiques
  • Sybil attacks

The following activities are prohibited by bug bounty program:

  • Any testing with mainnet or public testnet contracts; all testing should be done on private testnets
  • Any testing with pricing oracles or third party smart contracts
  • Attempting phishing or other social engineering attacks against our employees and/or customers
  • Any testing with third party systems and applications (e.g. browser extensions) as well as websites (e.g. SSO providers, advertising networks)
  • Any denial of service attacks
  • Automated testing of services that generates significant amounts of traffic
  • Public disclosure of an unpatched vulnerability in an embargoed bounty