Web3 bug bounty and safety companies platform Immunefi has closed a $24 million Sequence A funding spherical, placing the corporate on monitor to scale its in-house capability amid widespread vulnerabilities within the blockchain business.

The funding spherical was led by the San Francisco-based enterprise agency Framework Ventures, with further participation from Electrical Capital, Polygon Ventures, Samsung Subsequent, P2P Capital and others. Immunefi mentioned the capital could be used to rent employees because it scales to fulfill the rising demand for blockchain safety and bug bounty companies.

Immunefi claims to have paid out $60 million in whole bounties since its inception lower than two years in the past. The platform now helps over 300 initiatives throughout the crypto ecosystem, together with Chainlink (LINK), MakerDAO and Compound (COMP). To incentivize white hat hackers, Immunefi presents bounties and rewards for uncovering the safety vulnerabilities of main blockchain protocols.

On demand!

The rise of crypto hacks over 2022 has skyrocketed demand for blockchain safety consultants, with some auditors making upwards of $430,000 per yr. https://t.co/rafgW5TNBP

— Cointelegraph (@Cointelegraph) August 23, 2022

As reported by Cointelegraph, Immunefi raised $5.5 million in funding final October to additional increase its safety capabilities. On the time, the corporate had paid out $7.5 million in bounties.

Associated: The affect of the Wintermute hack might have been worse than 3AC, Voyager and Celsius — Right here is why

The decentralized finance, or DeFi, sector has been particularly liable to safety vulnerabilities. In 2021 alone, scams and exploits focusing on DeFi protocols price the business over $10.2 billion, in line with analysis undertaken by Immunefi. DeFi stays a major assault vector for scammers in 2022, as evidenced by the latest $160 million exploit of crypto market maker Wintermute.

One of many greatest DeFi exploits occurred in April of this yr when Axie Infinity’s Ronin bridge was hacked for over $600 million. Axie relaunched its Ronin bridge three months later.

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