Web3 bug bounty platform Immunefi raises $24 million in Series A funding

Quick Take

  • Immunefi has raised $24 million in Series A funding led by Framework Ventures.
  • The startup hosts bug bounty programs by crypto projects and earns a 10% commission on bounty payouts. 

Immunefi, a platform that helps web3 projects launch bug bounty programs and whitehat hackers earn money, has raised $24 million in a Series A funding round amid increasing crypto hacks.

Framework Ventures led the round in the largest deal the crypto investment firm has publicly announced, according to a statement on Thursday. Other investors include Electric Capital, Polygon Ventures, Samsung Next, North Island Ventures, Third Prime Ventures and Lattice Capital.

Immunefi was founded in December 2020 and hosts bug bounty programs for crypto projects, including Chainlink, MakerDAO and Compound. The Singapore-based firm claims to have over 300 clients, guard over $100 billion in users' funds, and collectively offer $136 million in bounties to whitehat hackers.

Bounties can be an effective way to discover vulnerabilities and prevent potential hacks, especially in the vulnerable crypto space. According to The Block's Data Dashboard, hackers have stolen nearly $2.5 billion from decentralized finance (DeFi) projects to date.

Immunefi claims to have saved over $25 billion in users' funds to date and has paid out $60 million in bounties.

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