Ethereum is gearing up to host its first-ever hackathon, boasting a reward pool of $2 million. This event dubbed the "Attackathon," is expected to become the largest crowdsourced security audit of Ethereum's codebase. 

The Ethereum Foundation has partnered with Immunefi, a renowned bug bounty platform, to enhance the protocol's security by inviting top researchers to identify and fix bugs.

According to ImmuneFi, this event will highlight the skills of elite security researchers, offering them the chance to secure Ethereum’s protocol while competing for substantial rewards. It promises financial incentives and an opportunity for the best whitehats in the Ethereum community to build their reputations.

Immunefi’s elite community will compete in a time-boxed audit competition, with the potential to earn rewards, reputation, and glory. The event will also include a comprehensive education program to upskill and broaden the security researcher community around the Ethereum protocol.

Details of the Attackathon

The Attackathon will involve a four-week, time-bound audit challenge where security researchers will actively search for vulnerabilities in Ethereum’s code. The competition will follow specific rules, and only impactful and rule-compliant reports will be rewarded. 

During the event, participants will participate in a technical walkthrough of Ethereum's codebase, allowing them to identify and understand potential vulnerabilities.

Participants will follow specific rules set for the competition, and only impactful and rule-compliant reports will be rewarded. The event will start with a technical walkthrough of the blockchain’s code so participants are well-prepared to identify and understand potential vulnerabilities.

Reward Pool and Sponsorship

Immunefi and Ethereum Foundation have seeded the Attackathon reward pool with $500,000 initially. The platform calls on the community to sponsor the remaining $1.5 million. Sponsors will receive NFTs recognizing their contribution and their names will be immortalized on the Sponsorship Leaderboard.

After the event concludes, Immunefi will compile the findings into a comprehensive report detailing the discovered vulnerabilities. This report will be invaluable for the Ethereum community, providing insights into potential security issues and how they were addressed.

The recent announcement comes amid increased momentum around Ethereum spot ETFs. Following a July 8 deadline for issuers to submit amended drafts, the SEC received amended spot ETH ETF registration statements from VanEck, Grayscale, Fidelity, BlackRock, 21Shares, Franklin Templeton, and Bitwise on Monday.