Web3 bug bounty and security services platform Immunefi has closed a $24 million Series A funding round, setting the company on a path to expanding its internal capacity amid widespread vulnerabilities in the blockchain industry.
The funding rounds were led by San Francisco-based venture firm Framework Ventures, with additional participation from Electric Capital, Polygon Ventures, Samsung Next, P2P Capital and others. Immunefi said the capital will be used to hire staff as it adapts to growing demand for blockchain security and bug bounty services.
Immunefi claims to have paid out $60 million in total rewards since it was founded less than two years ago. The platform now supports over 300 projects across the crypto ecosystem, including Chainlink (LINK), MakerDAO and Compound (comp). Motivate white hat hackersImmunefi offers bounties and rewards for exposing security vulnerabilities of leading blockchain protocols.
The rise of cryptohacks in 2022 has skyrocketed demand for blockchain security experts, with some auditors earning as much as $430,000 a year. https://t.co/rafgW5TNBP
— Cointelegraph (@Cointelegraph) August 23, 2022
As reported by Cointelegraph, Immunefi has raised $5.5 million in funding last October to further strengthen its security capabilities. At the time, the company paid out $7.5 million in bonuses.
The decentralized finance, or DeFi, sector has been particularly prone to security vulnerabilities. Only in 2021 scams and exploits targeting DeFi protocols cost the industry over $10.2 billion, according to Immunefi research. DeFi remains a a major attack vector for fraudsters in 2022, as evidenced by the recent Leveraging $160M Crypto Market Maker Wintermute.