What if the perfect crypto job to become a millionaire existed?

Crypto Pays Pretty Well – The safety is an important part of the cryptocurrency ecosystem. With the rise of decentralized finance (DeFi), it took on a whole new dimension. Security is unfortunately underestimated too often, resulting in billions of dollars in losses on the part of investors. However, it seems that thesecurity expert being the highest paying job in the crypto ecosystem.

Security and DeFi: I love you…me neither

At the end of 2019, the decentralized financial ecosystem on Ethereum (ETH) emerged. This one had an interesting promise: to let everyone benefit from complex financial services.

however, the safety came quickly make the board black. Indeed, we quickly witnessed attacks on DeFi protocols. These have resulted in the loss of millions of dollars on the part of investors.

Hacks wreak havoc in DeFi

Indeed, as of early 2022, Chainalysis estimates that approximately 2 billion dollars stolen in DeFi bridge attacks. Obviously, these numbers don’t account for attacks on other DeFi protocol families.

In the vast majority of cases, the protocols attacked and exploited had no not checked thorough. In some cases, even a thorough investigation failed to prevent the presence of loopholes, casting doubt on the legitimacy of certain audit firms.

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Security Expert: The Highest Paying Job in Crypto

Still, the incentives are there. Indeed, the demand for security experts only increases. This has been revealed Neil Dundonfounder of the recruitment agency CryptoRecruit:

“There has always been a demand for security auditors […] But since DeFi apps came along, the demand for security audits across the space has steadily increased. And there’s a reason for that, because a small vulnerability in the protocol can lead to the loss of hundreds of millions of dollars. »

For their part, the security auditors are not complaining. Their salaries do indeed vary between $100,000 and $250,000 a year. In some cases, the fee may go up up to over $430,000.

By some estimates, crypto security auditors are paid an average of 20% more than Solidity developers.

A highly sought after skill

As always a story of supply and demand. In reality, there are more and more Solidity developers. However, the number of listeners did not match the demand. So more demand without a significant increase in supply.

For example, some crypto protocols have claimed that they difficulties find security auditorscausing specialized companies to drown under work.

Since the emergence of DeFi, many ecosystem observers have come to the same conclusion that: Paul Frambot from Morpho Labs :

“In my opinion, security is not taken seriously enough within DeFi. »

In short, impossible exceed a week without a hack in the DeFi ecosystem. And yet, in the vast majority of cases, the intended protocols have cash flows estimated at several million dollars. Therefore, money is not the obstacle to better security.

To compensate for this lack of security in crypto, many protocols implement programs for bug bounty. These are intended to reward users who discover errors in protocols and disclose them to developers. For example, Ethereum Foundation offers up to $1 million for any error affecting the fusion.

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