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Immunefi Raises $5.5M To Squash Web3 Crypto Bugs Which Might Cost Billions

Oct 26, 2021•almost 4 years ago

Amount Raised

$5.5 Million

Description

Traditional Web site and app bug bounty platforms, such as HackerOne and BugCrowd, have been successful in that old world model. But there is a massive difference between the existing ‘Web2’ bug bounties and the new era of ‘Web3’ bugs associated with blockchains and Crypto. In the era of Decentralised Finance (DeFi), Web3 bug bounties take on the critical nature of being associated with actual monetary value, not just software bugs.

Company Information

Company

Immunefi

About

The company says that recently Belt Finance paid out $1,050,000 to a whitehat hacker, via Immunefi, who had discovered a critical vulnerability in its protocol which put more than $10 million of capital at risk.Roy Learner, Principal at Framework Ventures Immunefi says its bug bounty platform for smart contracts and crypto projects enables security researchers to review code, disclose vulnerabilities, and get paid to do so. said: “This year, Immunefi succeeded in becoming DeFi’s leading bug bounty platform, gaining the trust of key industry players, and we are confident Immunefi is just getting started.”