Web 3.0 bug bounty and security services platform Immunefi has closed a $24 million Series A funding round, putting the company on track to expand its internal capacity amid widespread vulnerabilities in the web. blockchain industry.
The financing round was led by the venture capital firm San Francisco-based Framework Ventures, with additional participation from Electric Capital, Polygon Ventures, Samsung Next, P2P Capital and others. Immunefi said the capital would be used to hire staff as it scales up to meet growing demand for blockchain security and bug bounty services.
Immunefi claims to have paid out $60 million in total rewards since its inception less than two years ago. The platform now supports more than 300 projects across the crypto ecosystem, including Chainlink, MakerDAO, and Compound. To incentivize white hat hackers, Immunefi offers rewards for discovering security vulnerabilities in major blockchain protocols.
In-demand!
The rise of crypto hacks over 2022 has skyrocketed demand for blockchain security experts, with some auditors making upwards of $430,000 per year. https://t.co/rafgW5TNBP
— Cointelegraph (@Cointelegraph) August 23, 2022
In demand!
The rise of cryptocurrency hacks throughout 2022 has skyrocketed the demand for blockchain security experts, with some auditors earning more than $430,000 a year.
As Cointelegraph reported, Immunefi raised $5.5 million in funding last October to further boost its security capabilities. At the time, the company had paid out $7.5 million in rewards.
The decentralized finance, or DeFi, sector has been especially prone to security vulnerabilities. In 2021 alone, scams and exploits targeting DeFi protocols cost the industry more than $10.2 billion, according to research by Immunefi. DeFi remains a primary attack vector for scammers in 2022, as evidenced by the cryptocurrency market maker’s recent $160 million exploit; Wintermute.
One of the biggest DeFi exploits came in April this year, when Axie Infinity’s Ronin bridge was hacked for over $600 million. Axie relaunched his Ronin bridge three months later.
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