Immunefi, a bug bounty and security services platform for Web3, has secured US$24 million in a Series A funding round led by Framework Ventures.
Other participants include Electric Capital, Polygon Ventures, Samsung Next, P2P Capital, North Island Ventures, Third Prime Ventures, Lattice Capital and Stratos DeFi.
Immunefi was established in Singapore in December 2012. It has a community of whitehat hackers who review projects’ blockchain and smart contract codes, find and responsibly disclose vulnerabilities, and get paid to make crypto safer. They are rewarded based on the severity of the vulnerability they discover.
Since its inception, Immunefi has saved over $25 billion in user funds and paid out $60 million in total bounties. The platform now supports 301 projects across multiple crypto sectors and offers a combined US$136 million in bounties to whitehat (ethical) hackers.
The firm claims to protect over $100 billion in user funds across projects such as Synthetix, Chainlink, SushiSwap, PancakeSwap, Bancor, MakerDAO, Compound, Alchemix and Nexus Mutual.
Also Read: Immunefi Raises $5.5 Million To Build The “Most Elite” Emergency Response Team In The Industry
“Open source and direct monetization exploits have made Web3 the most adversarial software development space in the world,” said Mitchell Amador, founder and CEO of Immunefi. “By shifting incentives to white hats, Immunefi has already saved billions of users’ funds. Projects across crypto are quickly realizing that using Immunefi is better than publicly begging hackers to return funds or pay ransoms. We use this increase to to scale our team to meet this massive demand”.
Immunefi said it facilitated the largest bug bounty payments in software history, including $10 million for a vulnerability discovered in Wormhole, a generic cross-chain messaging protocol, and $6 million for a vulnerability discovered in Aurora, a bridge and a scaling solution for Ethereum.
By comparison, the largest conventional bug bounty offered by Apple is $2 million.
Last year, Immunefi announced a $5.5 million funding round from Blueprint Forest, Electric Capital and Framework Ventures, among others
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