Singapore, Singapore, Sept. 22, 2022 (GLOBE NEWSWIRE) — Immunefi, the main bug bounty and safety providers platform for web3, defending over $60 billion in customers’ funds, has introduced it has raised a $24 million Series A funding spherical led by Framework Ventures, a enterprise capital agency identified for its early entry into decentralized finance (DeFi) and blockchain gaming (GameFi). Other individuals within the spherical embrace Electric Capital, Polygon Ventures, Samsung Next, P2P Capital, North Island Ventures, Third Prime Ventures, Lattice Capital, and Stratos DeFi.
Immunefi is the biggest and most generally adopted bug bounty platform in web3. Trusted by established, multi-billion greenback initiatives like Chainlink, Wormhole, MakerDAO, Compound, Synthetix, and extra, Immunefi boasts a large neighborhood of whitehat hackers who assessment initiatives’ blockchain and good contract code, discover and responsibly disclose vulnerabilities, and receives a commission for making crypto safer. With Immunefi, whitehat hackers are rewarded primarily based on the severity of the vulnerability that they uncover, creating incentives for as many consultants as doable to look at the code of specific initiatives for vulnerabilities.
“Open code and directly monetizable exploits have made web3 the most adversarial software development space in the world”, says Mitchell Amador, Founder and CEO of Immunefi. “By shifting incentives towards whitehats, Immunefi has already saved billions of dollars of users’ funds. Projects across crypto are rapidly realizing that it’s better to use Immunefi than end up publicly begging hackers to return funds or pay ransom. We’re using this raise to scale our team to meet this massive demand”.
Since its inception in December 2020, Immunefi has saved over $25 billion in customers’ funds and has paid out $60 million in complete bounties. The platform now helps 300 initiatives throughout a number of crypto sectors, and collectively affords $135 million in bounties to whitehat hackers. Immunefi has additionally facilitated the biggest bug bounty funds within the historical past of software program, together with $10 million for a vulnerability found in Wormhole, a generic cross-chain messaging protocol, and $6 million for a vulnerability found in Aurora, a bridge and a scaling answer for Ethereum. For comparability, the biggest typical bug bounty provided is by Apple for $2 million.
“Our participation in Immunefi’s Series A represents the single largest check our firm has ever publicly written”, says Roy Learner, Principal at Framework Ventures. “As it stands, Immunefi is by far and away the most widely adopted solution in the crypto security and bug bounties space. We’re excited to see the company scale and amass talent as more and more key projects onboard into their ecosystem”.
About Immunefi
Immunefi is the main bug bounty and safety providers platform for web3, which options the world’s largest bounties. Immunefi guards over $60 billion in customers’ funds throughout initiatives like Synthetix, Chainlink, SushiSwap, PancakeSwap, Bancor, MakerDAO, Compound, Alchemix, Nexus Mutual, and others. The firm has paid out essentially the most important bug bounties within the software program trade, amounting to over $60 million, and has pioneered the scaling web3 bug bounties customary. For extra data, please go to https://immunefi.com/.
