Web3 bug bounty and security services platform Immunefi has closed a $24 million Series A funding round, putting the company on track to scale its in-house capacity amid widespread vulnerabilities in the blockchain industry.
The funding round was led by the San Francisco-based venture firm Framework Ventures, with additional participation from Electric Capital, Polygon Ventures, Samsung Next, P2P Capital and others. Immunefi said the capital would be used to hire staff as it scales to meet the growing demand for blockchain security and bug bounty services.
Immunefi claims to have paid out $60 million in total bounties since its inception less than two years ago. The platform now supports over 300 projects across the crypto ecosystem, including Chainlink, MakerDAO and Compound. To incentivize, Immunefi offers bounties and rewards for uncovering security vulnerabilities of leading blockchain protocols.
The rise of crypto hacks over 2022 has skyrocketed demand for blockchain security experts, with some auditors making upwards of $430,000 per year.
— Cointelegraph (@Cointelegraph)
As reported by Cointelegraph,last October to further boost its security capabilities. At the time, the company had paid out $7.5 million in bounties.
The decentralized finance, or DeFi, sector has been especially prone to security vulnerabilities. In 2021 alone,cost the industry over $10.2 billion, according to research undertaken by Immunefi. DeFi remains a in 2022, as evidenced by the recent .
One of the biggest DeFi exploits occurred in April of this year when Axie Infinity’s Ronin bridge was. Axie three months later.