Web3 bug-finding and security services platform Immunefi closed a $24 million Series A funding round, allowing the company to expand its internal capabilities in the face of widespread vulnerabilities in the blockchain industry.
The funding round was led by San Francisco-based venture capital firm Framework Ventures, with additional participation from Electric Capital, Polygon Ventures, Samsung Next, P2P Capital and others. Immunefi said the capital will be used to hire staff as it scales to meet growing demand for blockchain security and bug-finding services.
Immunefi claims to have paid out a total of $60 million since its founding less than two years ago. The platform currently supports over 300 projects in the crypto ecosystem, including Chainlink, MakerDAO, and Compound. To incentivize white hat hackers, Immunefi is offering bounties and rewards for discovering security vulnerabilities in leading blockchain protocols.
The surge in cryptocurrency hacks in 2022 has led to a surge in demand for blockchain security experts, with some auditors earning over $430,000 a year. https://t.co/rafgW5TNBP
— (@) August 23, 2022
Last October, Immunefi raised $5.5 million in funding to further enhance its security capabilities, reports. At the time, the company paid out a $7.5 million reward.
Related: Wintermute hack impact could be worse than 3AC, Voyager and Celsius – here’s why
The decentralized finance, or DeFi, sector is particularly prone to security vulnerabilities. Fraud and exploits targeting DeFi protocols cost the industry over $10.2 billion in 2021 alone, according to a study by Immunefi. DeFi remains a major attack vector for scammers in 2022, as evidenced by a recent $160 million exploit by cryptocurrency maker Wintermute.
One of the largest DeFi exploits occurred in April this year, when Axie Infinity’s Ronin bridge was hacked to the tune of over $600 million. Three months later, Axie restarted their Ronin Bridge.