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

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.

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