DeFi Bug Bounty Platform Immunefi Raises $5.5M

Immunefi, a bug bounty system for good contracts and decentralized finance (Defi) initiatives, has introduced it raised $5.5M in funding.

Traders taking part within the fundraise included Blueprint Forest, Electrical Capital, Framework Ventures, Bitscale Capital, P2P Capital, IDEO Colab, The LAO, BR Capital, third Prime Ventures, North Island Ventures, and different particular person traders.

Hacking incidents are a mission-critical problem on this planet of DeFi. This 12 months alone there was at the least 23 numerous assaults which have internet hackers greater than $1.7 billion in stolen funds.

Serving to to make sure the security of DeFi initiatives, Immunefi gives moral hackers, in any other case generally known as whitehats, bounty applications the place safety researchers can assessment code, disclose vulnerabilities, and receives a commission.

“DeFi is exclusive as a result of vulnerabilities in code signify a risk of a direct lack of customers’ cash,” mentioned Mitchell Amador, founder and CEO of Immunefi.

He added that bug bounty applications “have proved some of the efficient methods to cope with important safety holes.”

Simply final week, Polygon, a scalability resolution for Ethereum, awarded a document $2 million bounty—paid by means of Immunefi—to a white hat hacker who had recognized a vulnerability that put about $850 million of capital in danger.

On one other event, Belt Finance, a Binance Good Chain-based decentralized change (DEX), has paid out $1.05 million to a whitehat hacker who found a important vulnerability within the protocol which put greater than $10 million of capital in danger.

Immunefi ramps up DeFi providers

So, which initiatives are selecting Immunefi’s providers?

The corporate says that as of at the moment it protects greater than $50 billion in customers’ funds and has paid nicely over $7.5 million in bounties, with main DeFi protocols like Synthetix, Chainlink, SushiSwap, PancakeSwap, Nexus Mutual, Cream Finance, 1inch, Compound, Bancor, Alchemix, and ArmorFi amongst its major purchasers.

Talking to Decrypt, Amador pressured that with billions of {dollars} in person funds locked in good contracts, seen and accessible to anybody, all these initiatives signify “a promising goal for black hat hackers.”

Poly Community, which earlier this 12 months suffered one of many greatest hacks within the business value $610 million, additionally selected Immunefi to run its bounty program as nicely.

When requested what Immunefi plans to do with the contemporary capital, Amador mentioned that the corporate intends to scale its operations and rent new distinctive expertise.

“Given the quantity of purchasers we have onboarded, we’re ideally positioned to grow to be the very best safety providers supplier in all of DeFi, so we’re buying innovative safety tech and constructing essentially the most elite emergency response crew within the business,” Amador advised Decrypt.

He added that Immunefi is incentivized to assist hackers discover extra vulnerabilities and safe their payouts, as the corporate receives a charge equal to 10% of the bounty paid to the safety researcher.

“The white hat hacker receives their full reward – the cost to Immunefi is along with that quantity and helps pay for its platform and experience,” he mentioned.

Source link