DeFi Bug Bounty Platform plans to use funding to build a new Version of platform and increase reward payouts
For web3 nothing is more important that security at the moment. Since the rise of NFTs and new projects stemming from a boom in late 2021 there have also been new kinds of attacks that have seen projects and people lose millions. Some of these attacks have been the result of simple bugs or exploits that could have been resolved
Enter Immunefi. Founder and CEO of Immunefi Mitchell Amador had the following to say:
“As the space continues to grow, it’s clear that security is at the center of the industry’s success and the key to sustaining further adoption of the technology,”
He continued to state how he didn’t believe web3 would be able to scale to bigger heights unless there was some form of solid security set in place.
“It’s tough to see how Web3 scales to the next hundred million people without a big increase in security and trust.”
Immunefi is a popular bounty system that focuses on finding bugs in smart contracts and DeFi projects. The platform offers bounty programs for ethical hackers – or whitehats, to search through code and disclose any vulnerabilities or issues. The whitehats are then rewarded for their findings.
The firm has stated that currently there is over $100 billion in user funds locked across multiple DeFi protocols and smart contracts that are protected by Immunefi. Immunefi has stated there are at least 300 projects hosting bug bounties on their platform as well some of which include Chainlink, MakerDAO, Compound, Synthetix, SushiSwap, PancakeSwap, Bancor, Cream Finance, and more.
Immunefi is known for their bounty programs and facilitated the largest bug bounty payments in the history of software. One of the biggest bounties saw the reward of $10 million for a vulnerability discovered in Wormhole. Wormhole had previously suffered a $320 million hack back in February. Another bounty for a vulnerability discovered on Aurora, an Ethereum bridge and scaling solution saw the bounty prize reach up to $6 million. Immunefi has stated to date there has been $60 million in bounty rewards paid out.
The company has announced it has raised $24 million in Series A funding led by Framework Ventures, which was joined by Electric Capitals, Polygon Ventures, Samsung Next, P2P CApital, North Island Ventures, Third Prime
Ventures, Lattice Capital, and Stratos DeFi.
The $24 million has been stated to be part of a “consolidation effort” enabling Immunefi to build out infrastructure to meet the growing demand for the services the company provides.
Roy Learner of Framework Ventures stated that the amount invested into Immunefi was the largest check they have publicly written.