Immunefi is a Web3 bug-bounty platform that connects decentralized projects with whitehat hackers to identify and remediate vulnerabilities. Launched in December 2020, the company developed a scaled bug-bounty standard that ties rewards to risk, encouraging projects to offer payouts equivalent to about 10% of funds at potential risk. Immunefi says it has paid out $60 million to whitehat hackers and claims to have saved more than $25 billion in funds from being hacked. Its bounties have reached as high as $10 million (Wormhole) and $6 million (Aurora) to reflect the high stakes in crypto. The platform faces competition from firms such as HackerOne (which has moved into web3) and Safeheron. CEO Mitchell Amador said the new funding will be used to scale the team amid almost $2 billion lost to hacks and scams in crypto this year. Immunefi operates a bug-bounty platform for smart contracts and crypto projects that enables security researchers to review code, disclose vulnerabilities, and receive payments. The platform lets companies access security talent and run programs to uncover critical vulnerabilities in DeFi protocols, where bugs can lead to direct loss of users' funds. Clients include Synthetix, Chainlink, SushiSwap, PancakeSwap, Bancor, Cream Finance, Compound, Alchemix and others. Immunefi has facilitated large white-hat payouts—Polygon paid out $2,000,000 via Immunefi for a vulnerability that threatened roughly $850 million, and Belt Finance paid $1,050,000 via Immunefi after a critical discovery. The company emphasizes that Web3 bugs act as emergency-response issues rather than conventional Web2 reports, and founder Mitchell Amador says the platform helps protect DeFi projects and shape the industry's future. With billions locked in DeFi and rising losses from hacks, Immunefi positions itself as a critical security layer for the ecosystem.

Total raised

$30M

Funding rounds

2

Latest round

Series A

Latest activity

Sep 2022