Entropy is providing this update on behalf of the reviewing committee.
Reports
Since the last monthly update, the Watchdog program has received an additional 11 reports, 4 of which were duplicates of previous reports. This brings the total number of submitted reports (unique + duplicates) to 67 and the number of unique cases up from 42 to a total of 49 now.
Over the last month, the reviewing committee completed its investigation of 7 reports, 5 of which were found to be valid cases of misuses and the other 2 not valid. As of today, the committee has completed 33 investigations, 24 of which were found to involve misuse, while the other 9 were considered not valid.
Over the last month, 2 additional reporters have passed KYC and there is 1 currently in progress. Entropy has been sending follow up reminders to begin the KYC process, but a majority of reports have not started this process. We suspect that some reporters may not be willing to KYC, regardless of the value of the bounty. Additionally, it’s possible that the reporters did not save their login key.
Reporters, if you have an error signing in with your login key or no longer have your login key, please resubmit the report with the same supplemental PDF and a note for the committee. If possible, include the estimated date of the first submission.
Finances
The Watchdog wallet currently holds 590,387 ARB and there was not any ARB recovered over the last month. The Arbitrum Foundation processed 1 payment for a valid report and there are 2 additional payments currently processing. The 2nd invoice for SeedGov that was mentioned in the previous monthly update was also processed.
The total earmarked ARB for reports currently stands at ~98,682 ARB. SeedGov has not submitted a 3rd invoice for their work yet, but based on the current outstanding hours, 12,623 ARB is earmarked for opex costs. Together, the outstanding opex and earmarked ARB for reports (12,623 + 98,682) bring the current working budget of the Watchdog program to ~479,083 ARB.
The reviewing committee is still discussing alternative payout structures or updates to the existing one.