Immunefi raises $5.5M to develop its blockchain & crypto centered bug bounty platform » CryptoNinjas

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Immunefi, a bug bounty and safety companies platform for DeFi defending over $50 billion in customers’ funds, immediately introduced it has raised $5.5 million in funding. Its traders embrace Blueprint Forest, Electrical Capital, Framework Ventures, Bitscale Capital, P2P Capital, IDEO Colab, The LAO, BR Capital, third Prime Ventures, North Island Ventures, and different particular person traders.
With DeFi, billions of {dollars} in person funds are locked in good contracts, seen and accessible to all. In 2020, hackers stole about $120 million from DeFi protocols in 15 separate assaults. As of the midpoint of this 12 months, there have been at the very least 23 assaults, netting hackers greater than $1.7 billion in worth.
Bug Bounty Platform
Immunefi is a preeminent bug bounty platform for good contracts and crypto tasks. It permits safety researchers to overview code, disclose vulnerabilities, and receives a commission to take action and permits firms to safe their tasks with prime safety expertise. Immunefi was the primary available on the market to introduce a scaling bug bounty normal, that means rewards develop accordingly with the severity of an exploit and the amount of funds in danger. Because of that, the workforce has constructed the most important neighborhood of safety expertise within the crypto house and has paid nicely over $7,500,000 in bounties to whitehat hackers.
“Bug bounty packages are open invites to safety researchers to seek out these vulnerabilities in trade for a reward and have proved some of the efficient methods to take care of important safety holes. We imagine that by serving to launch such packages on Immunefi, we contribute not solely to defending DeFi tasks for immediately, but in addition to shaping the tech business for the longer term.”– Mitchell Amador, Founder & CEO of Immunefi
Updated, Synthetix, Chainlink, SushiSwap, PancakeSwap, Bancor, Cream Finance, Compound, Alchemix, and different tasks belief Immunefi to make sure their security. Not too long ago  Belt Finance has paid out $1,050,000 to a whitehat hacker who found a important vulnerability within the protocol which put greater than $10 million of capital in danger — the payout was made as part of the bounty program launched with Immunefi.
Earlier this summer season, The Graph Basis introduced a record-breaking $2.5M bug bounty program on Immunefi, whereas Poly Community selected Immunefi amongst different rivals to run its bounty program after struggling one of many greatest hacks within the business.
“This 12 months, Immunefi succeeded in changing into DeFi’s main bug bounty platform, gaining the belief of key business gamers, and we’re assured Immunefi is simply getting began. We encourage all our portfolio firms to take safety critically and get a bug bounty with Immunefi.”– Roy Learner, Principal at Framework Ventures

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