Immunefi bug-bounty platform raises $24 million in Series A

The crypto startup Immunefi, which helps DeFi projects launch bug-bounty programs on their platforms, closed a $24 million Series A round.

We’ve just raised our Series A.

So far, we’ve paid out $60 million in bounties to some of the world’s best hackers and saved $25 billion from being hacked in web3.

Expect many more big things from us in the future.

Let’s secure web3 together. https://t.co/X2P0fibqxo

— Immunefi (@immunefi) September 22, 2022

The funding round was led by Framework Ventures with participation from Electric Capital, Polygon Ventures, Samsung Next, P2P Capital, North Island Ventures, Third Prime Ventures, Lattice Capital and Stratos DeFi.

«We have paid $60 million in rewards to some of the world's best hackers and saved $25 billion from hacks in Web3», Immunefi said.

The funds will be used to develop a new version of the platform, expand the team from 50 to 100 people, and increase the rewards for “white-hat” hackers.

As reported by Immunefi, in the first quarter of 2022 crypto projects lost more than $1.22 billion due to hackers and fraudsters. The figure was up 695% from the previous year.

By the end of the second quarter, total losses in the digital-asset industry stood at $670 million, according to the firm's analysts.

In October 2021, Immunefi raised $5.5 million in seed funding.

Read ForkLog's bitcoin news in our Telegram — cryptocurrency news, prices and analysis.