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.

Subscribe or renew your subscriptions to win prizes worth up to RM68,000!

Monthly Plan

RM13.90/month

Annual Plan

RM12.33/month

Billed as RM148.00/year

1 month

Free Trial

For new subscribers only


Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
   

Next In Tech News

Crypto industry jockeys for seats at Trump's promised council
Reddit back up after latest outage impacts thousands of users
Massachusetts student's punishment for AI use can stand, US judge rules
Exclusive-Amazon likely to face investigation under EU tech rules next year, sources say
US natgas producers chase AI-driven surge in power demand to weather low prices
Snowflake shares surge on rosy forecast, AI deal with Anthropic
Digital banks lead profitability gains among Brazilian lenders, says central bank
PayPal fixes outage that affected thousands worldwide
X's former top policy chief takes job with Elon Musk rival, Sam Altman
Alibaba integrates e-commerce platforms into a single business unit

Others Also Read