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Immunefi raises $5.5M to increase its blockchain & crypto centered bug bounty platform » CryptoNinjas

Written by James Smith

Immunefi, a bug bounty and security services platform for DeFi defending over $50 billion in customers’ funds, right this moment introduced it has raised $5.5 million in funding. Its traders embrace Blueprint Forest, Electrical Capital, Framework Ventures, Bitscale Capital, P2P Capital, IDEO Colab, The LAO, BR Capital, third Prime Ventures, North Island Ventures, and different particular person traders.

With DeFi, billions of {dollars} in consumer funds are locked in sensible contracts, seen and accessible to all. In 2020, hackers stole about $120 million from DeFi protocols in 15 separate assaults. As of the midpoint of this yr, there have been not less than 23 assaults, netting hackers greater than $1.7 billion in worth.

Bug Bounty Platform

Immunefi is a preeminent bug bounty platform for sensible contracts and crypto tasks. It allows safety researchers to evaluate code, disclose vulnerabilities, and receives a commission to take action and permits firms to safe their tasks with high safety expertise. Immunefi was the primary in the marketplace to introduce a scaling bug bounty normal, that means rewards develop accordingly with the severity of an exploit and the quantity of funds in danger. Because of that, the staff has constructed the biggest group of safety expertise within the crypto area and has paid properly over $7,500,000 in bounties to whitehat hackers.

“Bug bounty applications are open invites to safety researchers to search out these vulnerabilities in change for a reward and have proved some of the efficient methods to cope with important safety holes. We imagine that by serving to launch such applications on Immunefi, we contribute not solely to defending DeFi tasks for right this moment, but additionally to shaping the tech trade for the long run.”
– Mitchell Amador, Founder & CEO of Immunefi

Updated, Synthetix, Chainlink, SushiSwap, PancakeSwap, Bancor, Cream Finance, Compound, Alchemix, and different tasks belief Immunefi to make sure their security. Not too long ago  Belt Finance has paid out $1,050,000 to a whitehat hacker who found a important vulnerability within the protocol which put greater than $10 million of capital in danger — the payout was made as part of the bounty program launched with Immunefi.

Earlier this summer time, The Graph Basis introduced a record-breaking $2.5M bug bounty program on Immunefi, whereas Poly Community selected Immunefi amongst different rivals to run its bounty program after struggling one of many greatest hacks within the trade.

“This yr, Immunefi succeeded in turning into DeFi’s main bug bounty platform, gaining the belief of key trade gamers, and we’re assured Immunefi is simply getting began. We encourage all our portfolio firms to take safety significantly and get a bug bounty with Immunefi.”
– Roy Learner, Principal at Framework Ventures

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James Smith

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