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Billionaire Bankman-Fried Tries to Fix Crypto’s Hacking Problem

Oct. 20, 2022, 4:11 AM

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 $5 million.

His intervention comes just days after a hacker got to keep $50 million of the roughly $100 million drained from the Mango decentralized-finance application under a deal with the platform after the heist. Over $3 billion has been looted from the crypto sector this year, which is set to be a record for hacking.

Sam Bankman-Fried

Photographer: Ting Shen/Bloomberg

Bankman-Fried, co-founder of digital-asset exchange FTX, proposed in a blog post what he called a …

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