Web3 bug bounty and safety companies platform Immunefi has closed a $24 million Sequence A funding spherical, placing the corporate on monitor to scale its in-house capability amid widespread vulnerabilities within the blockchain business.
The funding spherical was led by the San Francisco-based enterprise agency Framework Ventures, with further participation from Electrical Capital, Polygon Ventures, Samsung Subsequent, P2P Capital and others. Immunefi mentioned the capital can be used to rent workers because it scales to satisfy the rising demand for blockchain safety and bug bounty companies.
Immunefi claims to have paid out $60 million in complete bounties since its inception lower than two years in the past. The platform now helps over 300 initiatives throughout the crypto ecosystem, together with Chainlink (LINK), MakerDAO and Compound (COMP). To incentivize white hat hackers, Immunefi presents bounties and rewards for uncovering the safety vulnerabilities of main blockchain protocols.
In demand!
The rise of crypto hacks over 2022 has skyrocketed demand for blockchain safety consultants, with some auditors making upwards of $430,000 per yr. https://t.co/rafgW5TNBP
— Cointelegraph (@Cointelegraph) August 23, 2022
As reported by Cointelegraph, Immunefi raised $5.5 million in funding final October to additional increase its safety capabilities. On the time, the corporate had paid out $7.5 million in bounties.
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The decentralized finance, or DeFi, sector has been particularly vulnerable to safety vulnerabilities. In 2021 alone, scams and exploits concentrating on DeFi protocols value the business over $10.2 billion, in response to analysis undertaken by Immunefi. DeFi stays a prime assault vector for scammers in 2022, as evidenced by the current $160 million exploit of crypto market maker Wintermute.
One of many greatest DeFi exploits occurred in April of this yr when Axie Infinity’s Ronin bridge was hacked for over $600 million. Axie relaunched its Ronin bridge three months later.
