Web3 bug bounty and safety companies platform Immunefi has closed a $24 million Sequence A funding spherical, placing the corporate on observe 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 extra 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 fulfill the rising demand for blockchain safety and bug bounty companies.
Immunefi claims to have paid out $60 million in whole bounties since its inception lower than two years in the past. The platform now helps over 300 tasks 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.
The rise of crypto hacks over 2022 has skyrocketed demand for blockchain safety specialists, with some auditors making upwards of $430,000 per 12 months. https://t.co/rafgW5TNBP
— Cointelegraph (@Cointelegraph) August 23, 2022
As reported by Cointelegraph, Immunefi raised $5.5 million in funding final October to additional enhance its safety capabilities. On the time, the corporate had paid out $7.5 million in bounties.
The decentralized finance, or DeFi, sector has been particularly vulnerable to safety vulnerabilities. In 2021 alone, scams and exploits targeting DeFi protocols price the business over $10.2 billion, in keeping with analysis undertaken by Immunefi. DeFi stays a prime attack vector for scammers in 2022, as evidenced by the latest $160 million exploit of crypto market maker Wintermute.