USDT0
USDT0 acts as a one stop solution for USDT’s interoperability and expansion to new chains. At the heart of USDT0 is LayerZero’s Omnichain Fungible Token (OFT).
Triaged by Immunefi
PoC required
KYC required
Rewards
Rewards by Threat Level
Mainnet assets:
Reward amount is 10% of the funds directly affected up to a maximum of:
$6,000,000Minimum reward to discourage security researchers from withholding a bug report:
$50,000Rewards are distributed according to the impact of the vulnerability based on the Immunefi Vulnerability Severity Classification System V2.3.
Reward Calculation for Critical Level Reports
Critical Smart Contracts reports are reports that affect USDT redemptions on Ethereum, by either exploiting the Lockbox on ETH, or minting unbacked USDT0 on receival chains that will then be able to be redeemed on ETH.
For critical smart contract bugs, the reward amount is 10% of the funds directly affected up to a maximum of USD 6 000 000. The calculation of the amount of funds at risk is based on the time and date the bug report is submitted. However, a minimum reward of USD 50 000 is to be rewarded in order to incentivize security researchers against withholding a critical bug report.
USDT0 is built on LayerZero, using the OFT v2 standard. Reports with impacts that are already covered under the LayerZero Bug Bounty Program will be forwarded to the relevant LayerZero Bug Bounty Program. If the report is accepted by LayerZero's program, rewards will be determined and paid through their bounty program. Additional rewards from the USDT0 program for such issues are discretionary and may be awarded by the USDT0 team.
For the Protocol Insolvency impact, the amount considered at risk is the amount of USDT tokens kept in the USDT0 lockbox on ETH.
Repeatable Attack Limitations
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If the smart contract where the vulnerability exists can be upgraded or paused, only the initial attack will be considered for a reward. This is because the project can mitigate the risk of further exploitation by upgrading or pausing the component where the vulnerability exists. The reward amount will depend on the severity of the impact and the funds at risk.
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For critical repeatable attacks on smart contracts that cannot be upgraded or paused, the project will consider the cumulative impact of the repeatable attacks for a reward. This is because the project cannot prevent the attacker from repeatedly exploiting the vulnerability until all funds are drained and/or other irreversible damage is done. Therefore, this warrants a reward equivalent to 10% of funds at risk, capped at the maximum critical reward.
Reward Payment Terms
Payouts are handled by the USDT0 team directly and are denominated in USD. However, payments are done in Fiat USD via wire transfer or USDT and USDT0.
The calculation of the net amount rewarded is based on the average price between CoinMarketCap.com and CoinGecko.com at the time the bug report was submitted. No adjustments are made based on liquidity availability.
Program Overview
USDT0 acts as a one stop solution for USDT’s interoperability and expansion to new chains. At the heart of USDT0 is LayerZero’s Omnichain Fungible Token (OFT).
Here’s how it works:
- Locking Assets: USDT gets locked in a secure smart contract on Ethereum Mainnet.
- Issuance on Destination Chains: Equivalent USDT0 tokens are minted on the destination chain, reflecting the locked amount.
- Cross-Chain Transfers: Users can move USDT0 across supported chains without worrying about liquidity. The OFT model ensures that transfers happen securely, quickly, and cheaply.
- Redemption: USDT0 tokens can be redeemed by unlocking the corresponding USDT on Ethereum, from any supported chain, always maintaining a strict 1:1 backing.
For more information about USDT0, please visit https://usdt0.to/
USDT0 provides rewards in Fiat USD via wire transfer or USDT and USDT0, denominated in USD. For more details about the payment process, please view the Rewards by Threat Level section.
KYC Requirement
USDT0 requires KYC to be done for all bug bounty hunters submitting a report and wanting a reward. The information needed are:
- Invoice is required with Name, Address, and Payment Instructions
- Proof of address (either a redacted bank statement with your address or a recent utility bill with your name, address, and issuer of the bill)
- Copy of your passport or other Government ID will be required
- Bounty hunters must pass OFAC Screening. Rewards cannot be paid out if hunters are on the OFAC SDN list
- The collection of this information will be done by the USDT0 compliance team.
Eligibility Criteria
Security researchers who wish to participate must adhere to the rules of engagement set forth in this program and cannot be:
- On OFACs SDN list
- Official contributor, both past or present
- Employees and/or individuals closely associated with the project
- Security auditors that directly or indirectly participated in the audit review
Responsible Publication
USDT0 adheres to category 3 - Approval Required. This Policy determines what information researchers are allowed to make public from their submitted bug reports. For more information about the category selected, please refer to our Responsible Publication page.
Primacy of Impact vs Primacy of Rules
USDT0 adheres to the Primacy of Impact for the following impact:
- Smart Contract - Critical - Direct Theft of Funds
Primacy of Impact means that the impact is prioritized rather than a specific asset. This encourages security researchers to report on all bugs with an in-scope impact, even if the affected assets are not in scope. For more information, please see Best Practices: Primacy of Impact
When submitting a report on Immunefi’s dashboard, the security researcher should select the Primacy of Impact asset placeholder. If the team behind this project has multiple programs, those other programs are not covered under Primacy of Impact for this program. Instead, check if those other projects have a bug bounty program on Immunefi.
If the project has any testnet and/or mock files, those will not be covered under Primacy of Impact. All other impacts are considered under the Primacy of Rules, which means that they are bound by the terms and conditions set within this program.
Proof of Concept (PoC) Requirements
A PoC, demonstrating the bug's impact, is required for this program and has to comply with the Immunefi PoC Guidelines and Rules.
Previous Audits
USDT0’s completed audit reports can be found at https://github.com/Everdawn-Labs/usdt0-audit-reports. Any unfixed vulnerabilities mentioned in these reports are not eligible for a reward.
Feasibility Limitations
The project may be receiving reports that are valid (the bug and attack vector are real) and cite assets and impacts that are in scope, but there may be obstacles or barriers to executing the attack in the real world. In other words, there is a question about how feasible the attack really is. Conversely, there may also be mitigation measures that projects can take to prevent the impact of the bug, which are not feasible or would require unconventional action and hence, should not be used as reasons for downgrading a bug's severity.
Therefore, Immunefi has developed a set of feasibility limitation standards which by default states what security researchers, as well as projects, can or cannot cite when reviewing a bug report.
Audits
KYC required
The submission of KYC information is a requirement for payout processing.
Proof of Concept
Proof of concept is always required for all severities.
Responsible Publication
Category 3: Approval Required
Prohibited Activities
- Any testing on mainnet or public testnet deployed code; all testing should be done on local-forks of either public testnet or mainnet
- 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 that are executed against project assets
- Automated testing of services that generates significant amounts of traffic
- Public disclosure of an unpatched vulnerability in an embargoed bounty
- Any other actions prohibited by the Immunefi Rules
Feasibility Limitations
The project may be receiving reports that are valid (the bug and attack vector are real) and cite assets and impacts that are in scope, but there may be obstacles or barriers to executing the attack in the real world. In other words, there is a question about how feasible the attack really is. Conversely, there may also be mitigation measures that projects can take to prevent the impact of the bug, which are not feasible or would require unconventional action and hence, should not be used as reasons for downgrading a bug's severity.
Therefore, Immunefi has developed a set of feasibility limitation standards which by default states what security researchers, as well as projects, can or cannot cite when reviewing a bug report.