Immunefi raised $5.5 million to expand its bug bounty platform focused on blockchain and encryption »CryptoNinjas

Immunity, one DeFi bug bounty and security service platform Protecting more than US$50 billion in user funds, today announced that it has raised US$5.5 million in funds. Its investors include Blueprint Forest, Electric Capital, Framework Ventures, Bitscale Capital, P2P Capital, IDEO Colab, The LAO, BR Capital, 3rd Prime Ventures, North Island Ventures and other individual investors.

With DeFi, billions of dollars of user funds are locked in smart contracts, and everyone can see and access them. In 2020, hackers stole approximately $120 million from the DeFi protocol in 15 separate attacks. As of the middle of this year, there have been at least 23 attacks, allowing hackers to gain more than $1.7 billion in profits.

Vulnerability bounty platform

Immunefi is an excellent bug bounty platform for smart contracts and encryption projects. It enables security researchers to review code, disclose vulnerabilities and get paid, and allows companies to use top security talent to protect their projects. Immunefi is the first company on the market to introduce an expanded vulnerability bounty standard, which means that the reward will increase with the severity of the vulnerability exploit and the amount of risk funding. Thanks to this, the team has established the largest community of security talents in the crypto space and has paid more than $7,500,000 in bounty to white hat hackers.

“The bug bounty program is an open invitation for security researchers to look for these vulnerabilities in exchange for rewards, and it has proven to be one of the most effective ways to deal with critical security vulnerabilities. We believe that by helping to launch such programs on Immunefi, we can not only help Contributing to the protection of today’s DeFi projects can also contribute to shaping the technology industry of the future.”
– Mitchell Amador, founder and CEO of Immunefi

So far, projects such as Synthetix, Chainlink, SushiSwap, PancakeSwap, Bancor, Cream Finance, Compound, and Alchemix have trusted Immunefi to ensure their safety. Recently, Belt Finance paid US$1,050,000 to a white hat hacker who discovered a serious loophole in the agreement that put more than US$10 million in capital at risk-this payment was used as a bounty initiated with Immunefi Part of the plan.

Earlier this summer, The Graph Foundation announced a record-breaking $2.5 million bug bounty program on Immunefi, and Poly Network chose Immunefi and other competitors after suffering one of the industry’s largest hacking attacks. Run its bounty program.

“This year, Immunefi successfully became DeFi’s leading bug bounty platform and gained the trust of major industry participants. We believe that Immunefi is just getting started. We encourage all of our portfolio companies to take security issues seriously and receive bug bounty through Immunefi .”
– Roy Learner, head of Framework Ventures

Source link

You May Also Like

Leave a Reply

Your email address will not be published.