Bitcoin DeFi Sovryn raised $10 million and launched a $1.2 million bug bounty
London-based DeFi raised the equivalent of $10 million in bitcoins through a pre-sale of its SOV management token. In addition, Sovryn, DeFi's bitcoin-based protocol, is offering a $1.2 million reward to bug hunters.
Sovrin has raised 200 bitcoins ($10 million) through sales, said co-founder Edan Yago. Given that the price of bitcoin is volatile, the amount raised could rise or fall in the future. Yago said the funds raised will be kept in the protocol treasury, and the community will decide how to use them.
The funds will be partly invested in the protocol bug bounty program, which now offers hackers up to $1.25 million if they can find critical flaws in the Sovryn smart contract.
