In Brief:
- Immunefi, a bug bounty system for smart contracts and decentralized finance (Defi) projects, has raised $5.5 million in a funding round.
- The round was co-led by Electric Capital and Blueprint Forest with a participation of few other investors.
The leading DeFi bug bounty system, Immunefi, has raised $5.5 million in a funding round.
The funding round was led by Electric Capital and Blueprint Forest along with the participation of Framework Ventures, Bitscale Capital, IDEO Colab, The LAO, BR Capital, and North Island Ventures.
Immunefi offers ethical hackers known as whitehats, bounty programs where security researchers can review code, reveal security flaws, and get paid to help ensure the safety of DeFi projects.
Mitchell Amador, founder, and CEO of Immunefi stated that “The whitehat hacker receives their full reward – the payment to Immunefi is in addition to that amount and helps pay for its platform and expertise. “
The platform is in charge of safeguarding more than $50 billion in protocol assets from projects such as Synthetix, Chainlink, SushiSwap, and PancakeSwap. Throughout its history, it has paid out $7.5 million in bug bounties.
Immunefi plans to use the funds to expand its DeFi security services and provide financial benefits to the white hackers. The platform intends to expand its product offerings and hire a talented workforce, says Immunefi’s CEO.
Amador further added, “We believe that by helping launch such programs on Immunefi, we contribute not only to protecting DeFi projects for today, but also to shaping the tech industry for the future.”
Last week, Polygon, an Ethereum scalability solution, paid a $2M bounty to a white hat hacker through Immunefi who discovered a vulnerability that put $850 million in the capital at risk.
