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Bug Bounty Platform ImmuneFi Raises $24 Million to Keep Web3 Secure

Posted September 27, 2022 4:39 pm
3 min
By Jethro Sandico

ImmuneFi, a top bug bounty platform for blockchain, announced on September 22, 2022, that it has raised $24 million in a Series A funding round. The company will use the capital to help create a more secure Web3.

Framework Ventures led the fundraising, along with other investors including Polygon Ventures, Samsung Next, and Electric Capital.

“Open code and directly monetizable exploits have made Web3 the most adversarial software development space in the world. By shifting incentives towards whitehats, Immunefi has already saved billions of dollars of users’ funds,” ImmuneFi Founder and CEO Mitchell Amador said. “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.”

ImmuneFi

About ImmuneFi

ImmuneFi prides itself as the “leading bug bounty and security services platform for Web3.” The platform is currently keeping $60 billion in users’ funds secure. This includes savings stashed in projects such as Alchemix, Bancor, Compound, Nexus Mutual, PancakeSwap, and SushiSwap, to name a few.

So far, ImmuneFi has integrated over 300 projects to the platform. This includes prominent and upcoming names in the space such as Axelar Network, Chainlink, MakerDAO, Synthetix, and Wormhole, among others.

Prior to the formation of ImmuneFi, bug bounties were not a common thing in the risky world of Web3. According to the bounty platform, most smart contracts on mainnet had no last line of defense, nor incentives for bug reports. 

ImmuneFi introduced what they call the “Scaling Bug Bounty,” which is now a standard in DeFi security. As a result, Web3 projects launched on ImmuneFi with $1 million, $6 million, and $10 million dollar bounties. To date, Apple’s bug bounty at $2 million, is ImmuneFi’s biggest Web2 bounty find.

“We’ve saved more than $25 billion in user funds from being hacked by blackhats and nefarious state-backed hacking groups,” the company stated.

ImmuneFi

The company has grown since its launch in December 2020. Today, ImmuneFi has 50 employees that make up the platform’s “army of whitehat hackers.” From developers to academic researchers, CTOs to Web2 hackers, the team is “ready to review code across all timezones.”

“Our basic mission remains the same: we want to solve the problem of security and trust, so that Web3 can onboard the next billion users,” the company added.

Big Bounties

On September 20, 2022, a whitehat hacker known as “riptide,” found an exploitable bug in the bridge that connects the Ethereum network and its Layer-2 (L2) scaling solution Arbitrum Nitro. The ethical hack saved the protocol from a $250 million loss. Consequently, Arbitrum paid the hacker a bounty of 400 $ETH ($554,508 as of this writing) via ImmuneFi.

“Thank you to the extremely based Arbitrum team for providing a 400 ETH bounty and of course for creating an incredible piece of technological innovation with their L2 implementation,” riptide stated.

On February 11, 2022, MakerDAO, the regulators of the cryptocurrency Dai, launched its largest bug bounty ever. The decentralized autonomous organization (DAO) offered $10 million in reward to whitehat hackers to expose flaws and security threats in its smart contracts

“We take the security of our smart contracts and the Maker protocol very seriously and are thrilled to be working with Immunefi,” MakerDAO head of Protocol Engineering Core Unit Derek Flossman said.

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