Immunefi to Enhance DeFi Security with New Funding

DeFi security platform Immunefi has announced $ 5.5 million in funding from all 11 institutional investors including Blueprint Forest, Electric Capital, Framework Ventures, and Bitscale Capital, as well as a variety of individuals.

Immunefi will use the funds to improve its DeFi security services, provide asset protection for smart contract protocols, and implement financial incentives for benevolent intelligence thieves.

The service is reportedly responsible for protecting over $ 50 billion in protocol assets from projects such as Synthetix, Chainlink, SushiSwap, and PancakeSwap. It has paid $ 7.5 million in bug bounties throughout its history.

According to analytics from the REKT database, the DeFi room has seen more than $ 1.74 billion worth of malicious attacks in its lifetime, much of which has been lost.

The $ 609 million hack of the Poly Network cross-chain protocol in early August this year gives the industry’s biggest hack to date the unwanted crown. However, under unusual circumstances, Mr. White Hat – as they were called – returned all available funds, with the balance being the original USDT tokens worth $ 33 million.

Over the past year, the prevalence and severity of financial violations in the DeFi space has increased the demand for security services like Immunefi.

Related: White Hat Hacker Pays DeFi’s Largest Reported Bounty

Immunefi founder and CEO Mitchell Amador spoke about the importance of DeFi protection:

“DeFi is unique in that vulnerabilities in the code reveal the potential for direct user money loss. Bug bounty programs are an open invitation for security researchers to find such vulnerabilities in exchange for rewards, and have proven to be one of the most effective ways to deal with critical security vulnerabilities. “

In late September, according to the Belt Finance story, famous white hat programmer Alexander Schlindwein was charged a bug bounty fee of $ 1.05 million for his instrumental role in preventing a possible decline of $ 10 million for paid the protocol. The claim was made through Immunefi’s Expert Bounty Program.

More recently, white hat hacker Gerhard Wagner pocketed $ 2 million for carefully advising a solution to a “double-spend” vulnerability in the Polygon network, preventing a potential loss of $ 850 million which used to be a combustion industry.

Immunefi’s Amador also commented on the potential impact a service like Immunefi could have on the broader technology landscape:

“We believe that by helping launch programs like this on Immunefi, we are not only helping protect DeFi projects today, but also shaping the technology industry for the future.”

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