Mitchell Amador, Founder and CEO of Immunefi
Immunefi, a bug bounty and security services platform for Web3, has secured US$24 million in a Series A funding round led by Framework Ventures.
Other participants include Electric Capital, Polygon Ventures, Samsung Next, P2P Capital, North Island Ventures, Third Prime Ventures, Lattice Capital, and Stratos DeFi.
Immunefi was established in Singapore in December 2012. It has a community of whitehat hackers who review projects’ blockchain and smart contract codes, find and responsibly disclose vulnerabilities and get paid for making crypto safer. They are rewarded based on the severity of the vulnerability they discover.
Since its inception, Immunefi has saved over US$25 billion in users’ funds and has paid out $60 million in total bounties. The platform now supports 301 projects across multiple crypto sectors and collectively offers US$136 million in bounties to whitehat (ethical) hackers.
The firm claims it guards over US$100 billion in users’ funds across projects like Synthetix, Chainlink, SushiSwap, PancakeSwap, Bancor, MakerDAO, Compound, Alchemix, and Nexus Mutual.
Also Read: Immunefi raises US$5.5M to build the “most elite” emergency response team in the industry
“Open code and directly monetisable exploits have made Web3 the most adversarial software development space in the world,” said Mitchell Amador, Founder and CEO of Immunefi. “By shifting incentives towards whitehats, Immunefi has already saved billions of users’ funds. Projects across crypto rapidly realise that it’s better to use Immunefi than publicly begging hackers to return funds or pay ransom. We’re using this raise to scale our team to meet this massive demand”.
Immunefi said it facilitated the largest bug bounty payments in software history, including US$10 million for a vulnerability discovered in Wormhole, a generic cross-chain messaging protocol, and US$6 million for a vulnerability discovered in Aurora, a bridge and a scaling solution for Ethereum.
For comparison, the largest conventional bug bounty offered is by Apple for US$2 million.
Last year, Immunefi announced a US$5.5 million funding round from Blueprint Forest, Electric Capital, and Framework Ventures, among others
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