Solana Launches Bug Bounty Amid Rumors of Disabling Ability
The Solana Foundation is launching a bug bounty program in response to rumors that its backer, Sam Bankman-Fried, had the ability to disable the decentralized network. Last week in court, it was revealed that FTX developers had the means to “turn on and off” the Solana blockchain. This raised questions about Solana’s decentralized nature. In an effort to reassure the community and distance itself from FTX and Bankman-Fried, Jacob Creech, the head of developer relations at the Solana Foundation, announced a $400K reward for anyone who could find a flaw that could shut down the blockchain.
Reassuring the Community and Creating Distance
The idea of a single developer being able to shut down a decentralized blockchain seems unlikely. However, offering a bug bounty could help reassure the community and demonstrate the system’s safety from manipulation. This move also aims to create further distance between Solana and FTX. Previously, FTX supported Solana and invested in Solana-related projects. However, after FTX collapsed, many DeFi projects on Solana cut ties with Serum due to fears of compromised private keys.
Solana Mentioned in Bankman-Fried’s Trial
Solana has been mentioned multiple times in Bankman-Fried’s ongoing criminal trial in Manhattan. These mentions have impacted the value of SOL, which has fallen 6% in the last week. Prior to the trial, it was revealed that FTX still held $1.16 billion worth of SOL. Recently, it was discovered that trustees overseeing FTX’s bankruptcy are staking about $122 million worth of SOL. Concerns have been raised about a potential flood of tokens impacting SOL’s price, but many of these tokens are currently locked and cannot be immediately sold.
Hot Take: Solana’s Bug Bounty Aims to Reassure and Distance Itself from Controversy
Solana’s decision to launch a bug bounty program is an attempt to address concerns about the network’s decentralization and distance itself from its troubled backer, Sam Bankman-Fried. The rumors of Bankman-Fried’s ability to disable the Solana blockchain have raised doubts among the community. By offering a substantial reward for finding a flaw that could shut down the blockchain, Solana hopes to demonstrate its commitment to security and regain trust. This move comes at a crucial time, as Solana has been repeatedly mentioned in Bankman-Fried’s trial, leading to a decline in SOL’s value. The bug bounty program is a proactive step towards maintaining the integrity of the Solana network.
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