I didn’t participate in the
@spectra_finance contest - and after seeing how the team handled the outcome, I’m very glad I didn’t.
Their latest response is one of the most baffling attempts I’ve seen to avoid fairly compensating security researchers. Let’s unpack their reasoning:
Spectra argues that the line on the [contest page](
immunefi.com/audit-competiti…) -
"A reward pool of $40,000 USD will be distributed among participants, if any valid bugs are found"
somehow contradicts the rest of the page. They support this claim with three questions:
- "Why did Immunefi create and publish a reward structure broken down by severity?"
- "Why did Immunefi state that each tier would receive a "portion of the pool"?"
- "Why did Immunefi repeatedly describe the rewards as "up to $40,000"?"
I'd like to clarify that I don’t speak for Immunefi, but here’s how any reasonable reader would interpret this in my opnion:
1. Severity-based reward breakdowns exist because vulnerabilities aren’t binary. Not all issues are created equal - a Critical is more impactful than a Medium or Low. So if 10 Criticals and 10 Mediums are found, they shouldn’t get equal shares. That’s the point of the severity tiers: _to fairly distribute the pool based on impact_, not to gate how much of the pool is unlocked.
2. "Portion of the pool" refers to the dynamic nature of bug discovery. You don’t know in advance how many bugs of each severity will be found, so you can't preallocate fixed amounts. If it were a fixed distribution, the page would’ve said something like: "Critical: $10k, Medium: $5k," etc. That’s not what it said. Also, yes - 10/10 is still a portion. A portion doesn’t necessarily imply “less than the whole.”
3. "Up to $40,000" is accurate because the full amount is only unlocked if valid bugs are found. If only insights are found, only 15% is awarded, as stated explicitly on the same page -> "If not a single bug is found (Insights do not count as bugs), the reward pool is $15% of $40,000 USD rewards → $6,000". So the full range of outcomes is:
- $0 for no insights or bugs
- $6,000 if only insights are found
- $40,000 if _any_ valid bugs are found
There’s no deception here, this is a clear "Up to $40,000". The tiers describe severity-based allocation, not unlocking of the reward pool.
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Spectra then claims:
"If the full reward pool was always meant to be triggered by any valid finding, there would be no reason to introduce tiered severity logic or language about capped distribution."
This is just wrong. The tiered severity logic exists to fairly _divide_ the reward pool if multiple issues of different severity are found. And “capped distribution” accurately describes the tier-based allocation - not the conditions for unlocking the pool.
And here’s the kicker: Spectra admits they were shown a preview of the full contest page on April 2. That means they saw all the relevant language - including:
- "A reward pool of $40,000 USD will be distributed among participants, if any valid bugs are found"
- "If not a single bug is found (Insights do not count as bugs) the reward pool is $15% of $40,000 USD rewards → $6,000"
They had this information. They just chose to ignore what it clearly meant.
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Now let’s talk about their proposed solution - and the flaws in their logic.
Spectra “generously” offered $10,000 (25% of the pool) and later increased that to $15,000 “as a gesture of goodwill,” to pay to the two unique medium-severity issues that were confirmed.
But under their logic, if researchers had found one Medium and one Low they would have unlocked both the `low` portion and the `medium` portion, so they’d have gotten more than two Mediums (unlocking only the `medium` portion as claimed by Spectra). So… 1M 1L > 2M? That makes no sense.
What if 10 Criticals were found? Would that only merit $10k under their model?
For me, it’s clear their approach isn’t based on rewarding actual severity or impact - it’s just an attempt to minimize payout.
In my opinion, if Spectra genuinely misunderstood the structure, a somewhat fair resolution would’ve been to offer at least $20k, to account for both Medium and Low tiers. Instead, they’re cherry-picking language to justify underpaying researchers who did exactly what was asked.
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In my view, this isn’t a miscommunication - it’s a strategy to avoid honoring the commitment to researchers.
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Much respect to
@immunefi for standing up for their SRs and making sure they get what they’ve earned.