Immunefi is a bug bounty and security services platform that protects crypto projects from Web3 bugs.

Framework Ventures, a venture capital company well known for its early forays into decentralized finance (DeFi) and blockchain gaming, has announced that Immunefi has raised a $24 million Series A funding round. Immunefi is the leading bug bounty and security services platform for web3, protecting over $60 billion in user funds (GameFi). Electric Capital, Polygon Ventures, Samsung Next, P2P Capital, North Island Ventures, Third Prime Ventures, Lattice Capital, and Stratos DeFi are among the other investors in the round.
The largest and most extensively used bug bounty program in web3 is Immunefi. Immunefi, a platform trusted by well-known, multibillion-dollar projects like Chainlink, Wormhole, MakerDAO, Compound, Synthetix, and others, has a sizable community of whitehat hackers who review the blockchain and smart contract code of projects, identify vulnerabilities, and responsibly disclose them in exchange for payment. With Immunefi, whitehat hackers are compensated according to the seriousness of the vulnerability they find, generating incentives for as many professionals as possible to check the source code of specific projects for flaws.
Immunefi connects whitehat hackers who identify vulnerabilities and want financial benefits with web3 projects that need their code reviewed and safeguarded. These payouts can occasionally reach $10 million, which is not entirely unexpected given the amount of cryptocurrency that can be at risk. Similar bug bounty programs are used by the majority of tech companies, including Apple and Microsoft. However, web3's implementation of this strategy was less successful, in part because hackers are sometimes more motivated to steal money than to report bugs, especially when millions of dollars are potentially at stake.
Immunefi launched in December 2020, and since then, members have saved over $25 billion and received $60 million in rewards. The site currently supports 300 projects in various crypto industries and pays out $135 million in rewards to whitehat hackers. Additionally, Immunefi has facilitated the biggest bug bounty payouts in software history, including $10 million for a vulnerability found in the generic cross-chain messaging protocol Wormhole and $6 million for a flaw found in Aurora, an Ethereum scalability and bridging solution. For instance, Apple's $2 million bug reward is the highest traditional offer.
About Immunefi
Immunefi is the leading bug bounty and security services platform for web3, which features the world’s largest bounties. Immunefi guards over $60 billion in users’ funds across projects like Synthetix, Chainlink, SushiSwap, PancakeSwap, Bancor, MakerDAO, Compound, Alchemix, Nexus Mutual, and others. The company has paid out the most significant bug bounties in the software industry, amounting to over $60 million, and has pioneered the scaling web3 bug bounties standard.
For more information, please visit https://immunefi.com/.
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