Billionaire Sam Bankman-Fried tries to fix crypto’s hacking problem

Bankman-Fried proposed in a blog post what he called a ‘5-5 standard’, where hackers keep either 5% of the amount they’ve taken from a protocol or US$5mil, whichever is smaller. — Bloomberg

Crypto billionaire Sam Bankman-Fried has outlined a framework for limiting the impact of the hacks and exploits plaguing the industry, including capping the maximum bounty for attackers at US$5mil (RM23.63mil).

His intervention comes just days after a hacker got to keep US$50mil (RM236.35mil) of the roughly US$100mil (RM472.70mil) drained from the Mango decentralised-finance application under a deal with the platform after the heist. Over US$3bil (RM14.18bil) has been looted from the crypto sector this year, which is set to be a record for hacking.