Immunefi’s bug-bounty platform raises $5.5 million

The crypto startup Immunefi, which helps DeFi projects launch bug-bounty programs on their platforms, raised $5.5 million in seed funding.

The round was led by Electric Capital and Blueprint Forest. Participants also included Framework Ventures, IDEO Colab, The LAO, BR Capital, North Island Ventures and others.

According to Immunefi representatives, the funds will help scale the startup’s operations.

“We will continue to acquire cutting-edge security technologies and build the industry’s top-tier incident-response team. We are particularly interested in developing vulnerability-diagnostics technology,” said Mitchell Amador, CEO and founder of Immunefi.

DeFi-focused hackers have stolen more than $400 million in total, according to The Block.

Amador noted that his startup has helped projects identify more than 3,500 vulnerabilities, preventing multimillion-dollar thefts. Immunefi works closely with white-hat hackers, and among its clients are major DeFi projects such as Synthetix, Chainlink, SushiSwap, PancakeSwap and Compound.

The platform currently offers a total of $47 million for disclosed vulnerabilities, having already paid more than $7.5 million under bug-bounty programs. Immunefi’s commission stands at 10%.

Earlier, the Polygon protocol team paid a white-hat hacker a record $2 million reward for a discovered bug.

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