Cyber Security Startup Immunefi Secures $5.5 Million
Immunefi, a cyber security bug bounty startup secures $5.5 million in funds from investors to crush Web 3.0 crypto bugs which might cost billions for companies.
The Singapore-based cyber security startup Immunefi raises US$5.5 million in funding from the clutch of investors Tech in Asia reports. Immunefi is a bug bounty and security service platform for Decentralized finance (DeFi).
Immunefi has gained a lot of recognition because, in the era of Decentralized Finance (DeFi), Web 3.0 bug bounties take on the critical nature of being related with the actual monetary value, not just software bugs.
This is one of the main reasons that Immunefi raised such a hefty amount of money in the funding round led by Electric Capital. Some prominent investors participating in the round were Blueprint Forest, Framework Ventures, Bitscale Capital, P2P Capital, IDEO Colab, The Lao, BR Capital, 3rd Prime Ventures, and North Island Ventures.
Cyber security for blockchain and other emerging technologies has become mandatory. Because last year as per the stats the hackers stole about US$120million from DeFi protocols in 15 separate attacks. And by the midpoint of this year, there have been 23 cyber attacks so far. The Immunefi team uses its expertise to ensure the security of DeFi projects. The company also pays the security researchers to review the codes and point out the vulnerabilities, enabling the companies to shield their projects from cyber hackers.
The company says that its bug bounty platform for crypto projects and smart contracts allows security researchers to inspect the code, reveal vulnerabilities, and get paid to do so. It also enables the companies to access security talent.
Speaking to TechCrunch, the founder and CEO Mitchell Amador added: “The reality is that Web 3 is a far more adversarial environment, which means every part of the bug bounty process works differently from before, from the submission and processing of a report, to the validation of a report, to the negotiation for a payout. Where traditional Web 2 bug bounties are a convenient bug fixing tool, our Web 3 bug bounties are a far more critical emergency response system for DeFi projects.”
Furthermore, Amador while discussing that how the vulnerabilities in the code can cost users huge money said “DeFi is unique because vulnerabilities in code represent a possibility of a direct loss of users’ money. Bug bounty programs are open invitations to security researchers to find those vulnerabilities in exchange for a reward… We believe that by helping launch such programs on Immunefi, we contribute not only to protecting DeFi projects for today, but also to shaping the tech industry for the future.”