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.

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.

Associated: The impact of the Wintermute hack could have been worse than 3AC, Voyager and Celsius — Here is why

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.

One of many largest DeFi exploits occurred in April of this 12 months when Axie Infinity’s Ronin bridge was hacked for over $600 million. Axie relaunched its Ronin bridge three months later.