Velvet Capital V2
Bounty Range
$1,000 - $10,000
external program
Velvet Capital V2
Velvet.Capital is a DeFi Asset Management protocol that helps launch & manage on-chain funds and structured products. Users can launch their own tokenized fund or access existing ones created by world-class managers and influencers.
Smart Contract
For critical smart contract bugs, the reward amount is 10% of the funds directly affected up to a maximum of USD 51,000. 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 USD 10,000 is to be rewarded in order to incentivize security researchers against withholding a critical bug report.
If the smart contract where the vulnerability exists can be upgraded or paused, only the initial attacks within the first hour will be considered for a reward. This is because the project can mitigate the risk of further exploitation by upgrading or pausing the component where the vulnerability exists. The reward amount will depend on the severity of the impact and the funds at risk.
For critical repeatable attacks on smart contracts that cannot be upgraded or paused, the project will consider the cumulative impact of the repeatable attacks for a reward. This is because the project cannot prevent the attacker from repeatedly exploiting the vulnerability until all funds are drained and/or other irreversible damage is done. Therefore, this warrants a reward equivalent to 10% of funds at risk, capped at the maximum critical reward.
High vulnerabilities concerning theft/permanent freezing of unclaimed yield/royalties are considered at the full amount of funds at risk, capped at the maximum high reward. This is to incentivize security researchers to uncover and responsibly disclose vulnerabilities that may have not have significant monetary value today, but could still be damaging to the project if it goes unaddressed.
Payouts are handled by the Velvet team directly and are denominated in USD. However, payments are done in USDC.
The calculation of the net amount rewarded is based on the average price between CoinMarketCap.com and CoinGecko.com at the time the bug report was submitted. No adjustments are made based on liquidity availability.
Velvet.Capital is a DeFi Asset Management protocol that helps launch & manage on-chain funds and structured products. Users can launch their own tokenized fund or access existing ones created by world-class managers and influencers.
Velvet provides rewards in USDC, denominated in USD. For more details about the payment process, please view the Rewards by Threat Level section above.
Velvet adheres to the Primacy of Impact for the following impacts:
Primacy of Impact means that the impact is prioritized rather than a specific asset. This encourages security researchers to report on all bugs with an in-scope impact, even if the affected assets are not in scope.
When submitting a report on Immunefi's dashboard, the security researcher should select the Primacy of Impact asset placeholder. If the team behind this project has multiple programs, those other programs are not covered under Primacy of Impact for this program. Instead, check if those other projects have a bug bounty program on Immunefi.
If the project has any testnet and/or mock files, those will not be covered under Primacy of Impact.
All other impacts are considered under the Primacy of Rules, which means that they are bound by the terms and conditions set within this program.
A PoC, demonstrating the bug's impact, is required for this program and has to comply with the Immunefi PoC Guidelines and Rules.
Proof of concept is always required for all severities.
Velvet's completed audit reports can be found at https://github.com/Velvet-Capital/audits. Any unfixed vulnerabilities mentioned in these reports are not eligible for a reward.
By adhering to Immunefi's best practice recommendations, Velvet has satisfied the requirements for the Immunefi Standard Badge.
The submission of KYC information is a requirement for payout processing.
Category 3: Approval Required
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.