This bug bounty program covers two protocols built by Paxos Labs.
Transit, a stablecoin conversion protocol that settles swaps between pegged tokens on the same chain or across chains.
PAXGy, tokenized gold that grows in gold terms. PAXGy brings institutional gold lending economics onchain to holders.
PoC Required
KYC required
Arbitration enabled
Rewards
Rewards by Threat Level
Mainnet assets:
Reward amount is 10% of the funds directly affected up to a maximum of:
$500,000Minimum reward to discourage security researchers from withholding a bug report:
$10,000Primacy of Impact vs Primacy of Rules
Paxos Labs adheres to the Primacy of Rules, which means that the whole bug bounty program is run strictly under the terms and conditions stated within this page.
Reward Calculation for Critical Level Reports
For critical smart contract bugs, the reward amount is 10% of the funds directly affected up to a maximum of $500,000. 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 $10,000 is to be rewarded in order to incentivize security researchers against withholding a critical bug report.
Repeatable Attack Limitations
If the smart contract where the vulnerability exists can be upgraded or paused, only the initial attack will be considered for a reward.
The amount of funds at risk will be calculated with the impact of the first attack being at 100% and then a reduction of 50% from the amount of the first attack for every 1 hours the attack needs for subsequent attacks from the first attack, rounded down.
Reward Calculation for High Level Reports
High impacts concerning theft/permanent freezing of unclaimed yield/royalties are rewarded within a range of $5,000 to $10,000 with the reward calculated based on 100% of the funds at risk, though capped at the maximum high reward.
In the event of temporary freezing, the reward doubles from the full frozen value for every additional 1 hours that the funds are temporarily frozen, up until a max cap of the high reward.
Rewards are processed via USDG on the Ethereum network.
Program Overview
This bug bounty program covers two protocols built by Paxos Labs.
Transit, a stablecoin conversion protocol that settles swaps between pegged tokens on the same chain or across chains.
PAXGy, tokenized gold that grows in gold terms. PAXGy brings institutional gold lending economics onchain to holders.
Transit Transit lets users create single-chain and crosschain orders to swap between two pegged tokens. It is an RFQ system: a protocol signer sets the swap price, inclusive of the user’s fee, when the order is submitted. Transit then fills the order by netting it against other pending orders or routing it to venues such as AMMs or primary stablecoin issuers. Routing logic is offchain, but the onchain contract can only fill the user at the price recorded onchain at submission.
PAXGy PAXGy is a tokenized claim on an offchain gold lending strategy. PAXGy takes in PAXG from users and lends the underlying gold to vetted institutional borrowers. Borrowers pay interest in gold, which accrues to holders through periodic NAV updates to the PAXGy exchange rate. Withdrawals are processed asynchronously.
Audits
Completed audit reports for this project can be found at the links below.
Any unpatched or unresolved vulnerabilities disclosed in these reports are not eligible for rewards.
Known Issues
Reports covering previously identified bugs listed below are not eligible for rewards under this program.
This includes:
- Known issues that the project is aware of, even if no fix or code changes have been implemented.
- Issues the project has consciously decided not to remediate.
- Cases where operational mitigations or procedures have been implemented to reduce potential risk.
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.