$2M up for grabs for security researchers as Ethereum prepares for an upgrade

Blockchain security researchers have four weeks to explore the upcoming Ethereum (ETH) upgrade and share a $2 million prize fund for identified issues in the codebase.

The contest, designed to scrutinize the Fusaka upgrade and uncover vulnerabilities before they can impact the second-largest crypto network by market capitalization, kicked off this week.

"Only impactful, rule-compliant findings are rewarded," the Ethereum Foundation, which oversees development of the blockchain, said without specifying further.

According to the foundation, all findings will be reviewed, validated, and compiled into an official report after the contest.

"This ensures that discovered vulnerabilities are tracked, mitigated, and lessons learned are shared. Top researchers are recognized for their contributions," they added.

Meanwhile, the foundation also noted that valid findings reported in the first week will have a 2x multiplier applied to their points, and those in the second week will have a 1.5x multiplier.

The contest is co-sponsored by Ethereum ecosystem players such as Gnosis ($100,000) and Lido ($25,000) and is hosted on Sherlock, a full smart contract security platform that audited Ethereum's Pectra Bytecode upgrade at the end of 2024.

Meanwhile, the Fusaka auditor handbook has noted that already known issues with this upgrade are scattered across many locations, such as GitHub issues, commits, random notes, forum posts, and more.

"Given the decentralized nature of Ethereum, it is not possible to keep them in a single location. Something must have been reasonably public and accessible for it to be labeled as a known issue," the handbook said.

The Fusaka upgrade is expected to introduce multiple improvements to the Ethereum protocol, enhancing both efficiency and security. Developers estimate the upgrade will be implemented by the end of this year, though these kinds of Ethereum upgrades are often delayed.

In either case, there is also an ongoing bug bounty program with a $250,000 prize fund aimed at finding vulnerabilities affecting the broader Ethereum protocol.

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