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Framework is making its largest single bet to date on Immunefi
Most recently, Immunefi facilitated a 400 ETH transaction from Arbitrum to a white hacker. Investors participating in the round include Electric Capital, Polygon Ventures, and Samsung Next Immunefi, a Web3 bug bounty platform backed by prominent projects such as MakerDAO, Compound, and Chainlink, has secured a $24 million Series A led by Framework Ventures. Framework Ventures previously led Immunefi's seed round in May last year, but the latest round will be the largest check the prominent venture capital firm has ever written publicly, Roy Learner, director at Framework Ventures, said in a statement. “It looks like...
Framework is making its largest single bet to date on Immunefi
- Zuletzt hat Immunefi eine 400-ETH-Transaktion von Arbitrum an einen weißen Hacker ermöglicht
- Zu den an der Runde beteiligten Investoren gehören Electric Capital, Polygon Ventures und Samsung Next
Immunefi, a Web3 bug bounty platform backed by prominent projects such as MakerDAO, Compound and Chainlink, has secured a $24 million Series A led by Framework Ventures.
Framework Ventures previously led Immunefi's seed round in May last year, but the latest round will be the largest check the prominent venture capital firm has ever written publicly, Roy Learner, director at Framework Ventures, said in a statement.
“As it stands, Immunefi is by far the most widely used solution in the crypto security and bug bounties space,” Learner said. “We are excited to see the company grow and accumulate talent as more key projects are added to their ecosystem.”
Other investors that participated in the round include Electric Capital, Polygon Ventures and Samsung Next.
Immunefi co-founder Mitchell Amador came up with the idea for the company after losing a significant amount of money to smart contract hacks.
“There is an entire world enabled by [blockchain] technology and it cannot exist without security... we mapped the entire stack and concluded that the most critical piece that the space cannot solve on its own is the disclosure layer – the 911,” Amador said.
The security company rewards white-hat hackers for reviewing blockchain projects and disclosing vulnerabilities – creating financial incentives for experts to make dapps more secure. It currently has a community of over 11,000 developers, reviewers, CTOs, and hackers.
Amador said rewards can range from a few thousand dollars to millions of dollars for a single bug report.
“When you do good for the community, you not only become rich, but you also become a hero,” Amador said.
Immunefi previously facilitated a $10 million bug bounty payment for a vulnerability discovered in cross-chain messaging solution Wormhole and a $6 million exposure discovered in a bridging and scaling solution Aurora.
Most recently, Arbitrum, a Layer 2 Ethereum scaling solution, paid 400 ETH (nearly $550,000) via Immunefi to a white-hat hacker as a reward for uncovering a vulnerability.
The latest fundraising effort will be used to expand the Immunefi team, Amador said.
“We need better technical know-how – we can’t keep up with the level of activity,” Amador said. “We just need more people”
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The post Framework makes its largest single bet to date on Immunefi is not financial advice.