DeFi Bug Bounty Immunefi Platform Raises $ 5.5 Million

immune, a bug bounty system for smart contracts and decentralized financial projects (Defi), announced that it has raised $ 5.5 million in funding.

Investors who participated in the fundraiser included Blueprint Forest, Electric Capital, Framework Ventures, Bitscale Capital, P2P Capital, IDEO Colab, LAO, BR Capital, 3rd Prime Ventures, North Island Ventures, and other individual investors.

Hacking incidents are a mission critical problem in the world of DeFi. This year alone there have been at least 23 different attacks that have more than just network hackers. $ 1.7 billion in stolen funds.

By helping to ensure the security of DeFi projects, Immunefi offers ethical hackers, also known as whitehats, bounty programs in which security researchers can review code, reveal vulnerabilities, and get paid.

“DeFi is unique because vulnerabilities in the code represent the possibility of a direct loss of users’ money,” said Mitchell Amador, founder and CEO of Immunefi.

He added that bug bounty programs “have proven to be one of the most effective ways to address critical security holes.”

Last week, Polygon, a scaling solution for Ethereum, awarded a record $ 2 million, paid through Immunefi, to a white hat hacker who had identified a vulnerability that put around $ 850 million in capital at risk.

On another occasion, Belt Finance, a decentralized exchange based on Binance Smart Chain (DEX), paid $ 1.05 million to a white hat hacker who discovered a critical vulnerability in the protocol that put more than $ 10 million in capital at risk.

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Immunefi enhances DeFi services

So which projects are choosing Immunefi’s services?

company says it protects more than $ 50 billion in user funds to date and has paid out more than $ 7.5 million in rewards, with leading DeFi protocols such as Synthetix, Chainlink, SushiSwap, PancakeSwap, Nexus Mutual, Cream Finance, 1inch, Compound, Bancor, etc. Alchemix and ArmorFi among its main clients.

Speaking to Decrypt, Amador noted that with billions of dollars in user funds locked into smart contracts, visible and accessible to anyone, all of those projects represent “a promising target for black hat hackers.”

Poly Network, which suffered one of the industry’s biggest attacks worth $ 610 million earlier this year, also chose Immunefi to run its bounty program.

When asked what Immunefi intends to do with the new capital, Amador said the company intends to expand its operations and hire new outstanding talent.

“Given the number of customers we have acquired, we are ideally positioned to become the best provider of security services in all of DeFi, so we are acquiring cutting-edge security technologies and creating the most elite emergency response team in the world. world”. Amador told Decrypt.

He added that Immunefi has an incentive to help hackers find more vulnerabilities and protect their payments, as the company receives a commission equal to 10% of the reward paid to the security researcher.

” white hat hacker gets his full reward: the payment to Immunefi adds to that amount and helps pay for his platform and skills,” he said.

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