Crypto bug bounty platform Immunefi raises $24M led by Framework Ventures

The growth of decentralized finance, or DeFi, has made the blockchain industry particularly vulnerable to scams and attacks.

Web3 bug bounty and security services platform Immunefi has closed a $24 million Series A funding round, putting the company on track to scale its internal capacity amid 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 would be used to hire staff as it scales to meet growing demand for blockchain security services and bug bounties.

Immunefi claims to have paid $60 million in total bonuses since its inception less than two years ago. The platform now supports over 300 projects in the crypto ecosystem, including Chainlink (LINK), MakerDAO, and Compound (COMP). To incentivize white hat hackers, Immunefi offers bounties and rewards for discovering security vulnerabilities in major blockchain protocols.

In demand!

The rise of crypto hacks in 2022 has skyrocketed the demand for blockchain security experts, with some auditors earning over $430,000 a year. https://t.co/rafgW5TNBP

As reported by Cointelegraph, Immunefi raised $5.5 million in funding last October to further strengthen its security capabilities. At the time, the company had...