Terra Validators Grant $900K to Security Auditor SCV
Terra validators voted Monday to expand its security measures with a $900,000 grant to SCV Security.
SCV will identify and monitor vulnerabilities, risks and potential threats to the second version of the protocol. The company bills itself as Terra’s “trusted security provider” and says it has conducted white-hat cybersecurity work across the Terra ecosystem and worked directly with Terraform Labs.
“We believe everything is hackable over time as technologies and attack vectors become more sophisticated too,” Vinicious Marino, CEO of SCV, wrote in the proposal.
Marino said SCV would take a “proactive approach” to securing the Terra network by actively monitoring projects to achieve a “bare minimum” of security.
While Terra experienced a death spiral earlier this year, its creator, Do Kwon, scrambled to revive the network with Terra 2.0, a fork of the original fallen chain. The community of token holders in this new network have voted to airdrop LUNA to users, create a social know-your-customer (KYC) protocol and fund a new stablecoin.
In the proposal, SCV requested about 500,000 LUNA, or $900,000, to perform its security measures.
Some members of the community had pushed back on such a weighty ask, voicing questions in the forum about how SCV would use the money and whether it was best paid as a lump sum.