Platform for crypto bug bounties Immunefi receives $24M in funding headed by Framework Ventures.

The development of decentralized finance, or DeFi, has increased the blockchain sector’s susceptibility to fraud and other threats.

Immunefi, a Web3 platform for bug bounties and security services, has completed a $24 million Series A fundraising round, putting it on pace to increase its internal capacity in the face of pervasive blockchain sector risks.

The San Francisco-based venture company Framework Ventures spearheaded the investment round, while other investors included Electric Capital, Polygon Ventures, Samsung Next, P2P Capital, and others. According to Immunefi, the funding will be used to employ personnel as it expands to handle the rising demand for its bug bounty and blockchain security services.

Since its founding less than two years ago, Immunefi claims to have paid out $60 million in total rewards. Chainlink, MakerDAO, and Compound are just a few of the approximately 300 projects supported by the platform now in the cryptocurrency ecosystem. Immunefi offers bounties and awards for identifying security flaws in top blockchain protocols in order to encourage white hat hackers.

Immunefi, according to Cointelegraph, obtained $5.5 million in investment in October of last year to strengthen its security capabilities. The corporation had given out $7.5 million in rewards at the time.

Decentralized finance, or DeFi, has proved particularly vulnerable to security flaws. According to data done by Immunefi, frauds and attacks aimed at DeFi protocols cost the sector over $10.2 billion in 2021 alone. DeFi continues to be a popular attack vector for con artists in 2022, as shown by the recent $160 million Wintermute crypto market maker hack.

In April of this year, Axie Infinity’s Ronin bridge was hacked for more over $600 million, making it one of the greatest DeFi attacks ever. Three months later, Axie reintroduced their Ronin bridge.

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