Immunefi raises $5.5M to expand its blockchain & crypto focused bug bounty platform
Immunefi, a bug bounty and security services platform for DeFi protecting over $50 billion in users’ funds, today announced it has raised $5.5 million in funding. Its investors include Blueprint Forest, Electric Capital, Framework Ventures, Bitscale Capital, P2P Capital, IDEO Colab, The LAO, BR Capital, 3rd Prime Ventures, North Island Ventures, and other individual investors.
With DeFi, billions of dollars in user funds are locked in smart contracts, visible and accessible to all. In 2020, hackers stole about $120 million from DeFi protocols in 15 separate attacks. As of the midpoint of this year, there have been at least 23 attacks, netting hackers more than $1.7 billion in value.
Bug Bounty Platform
Immunefi is a preeminent bug bounty platform for smart contracts and crypto projects. It enables security researchers to review code, disclose vulnerabilities, and get paid to do so and allows companies to secure their projects with top security talent. Immunefi was the first on the market to introduce a scaling bug bounty standard, meaning rewards grow accordingly with the severity of an exploit and the volume of funds at risk. Thanks to that, the team has built the largest community of security talent in the crypto space and has paid well over $7,500,000 in bounties to whitehat hackers.
“Bug bounty programs are open invitations to security researchers to find those vulnerabilities in exchange for a reward and have proved one of the most effective ways to deal with critical security holes. We believe that by helping launch such programs on Immunefi, we contribute not only to protecting DeFi projects for today, but also to shaping the tech industry for the future.”
– Mitchell Amador, Founder & CEO of Immunefi
Up to date, Synthetix, Chainlink, SushiSwap, PancakeSwap, Bancor, Cream Finance, Compound, Alchemix, and other projects trust Immunefi to ensure their safety. Recently Belt Finance has paid out $1,050,000 to a whitehat hacker who discovered a critical vulnerability in the protocol which put more than $10 million of capital at risk — the payout was made as a part of the bounty program launched with Immunefi.
Earlier this summer, The Graph Foundation announced a record-breaking $2.5M bug bounty program on Immunefi, while Poly Network chose Immunefi among other competitors to run its bounty program after suffering one of the biggest hacks in the industry.
“This year, Immunefi succeeded in becoming DeFi’s leading bug bounty platform, gaining the trust of key industry players, and we are confident Immunefi is just getting started. We encourage all our portfolio companies to take security seriously and get a bug bounty with Immunefi.”
– Roy Learner, Principal at Framework Ventures
The post Immunefi raises $5.5M to expand its blockchain & crypto focused bug bounty platform appeared first on CryptoNinjas.