Framework Makes its Largest Single Bet Yet on Immunefi

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  • Most recent­ly Immune­fi facil­i­tat­ed a 400 ETH trans­ac­tion from Arbi­trum to a white hacker
  • Investors that par­tic­i­pat­ed in the round include Elec­tric Cap­i­tal, Poly­gon Ven­tures and Sam­sung Next

Immune­fi, a Web3 bug boun­ty plat­form adopt­ed by promi­nent projects includ­ing 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 pub­licly writ­ten, Roy Learn­er, prin­ci­pal at Frame­work Ven­tures said in a statement.

“As it stands, Immune­fi is by far and away the most wide­ly adopt­ed solu­tion in the cryp­to secu­ri­ty and bug boun­ties space,” Learn­er said. “We’re excit­ed to see the com­pa­ny scale and amass tal­ent as more and more key projects onboard into their ecosystem.”

Oth­er investors that par­tic­i­pat­ed in the round include Elec­tric Cap­i­tal, Poly­gon Ven­tures and Sam­sung Next.

Mitchell Amador, co-founder of Immune­fi came up with the idea for the com­pa­ny after los­ing a sig­nif­i­cant amount of mon­ey to smart con­tract hacks.

“There is a whole world that is enabled by [blockchain] tech­nol­o­gy and it can not exist with­out security…we mapped the whole stack and con­clud­ed that the most crit­i­cal piece, which the space will not 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 mon­e­tary incen­tives for experts to make dapps safer. It cur­rent­ly boasts a com­mu­ni­ty of over 11,000 devel­op­ers, audi­tors, CTOs and hackers.

Accord­ing to Amador, rewards can range from a few thou­sand dol­lars to upwards of mil­lions of dol­lars for a sin­gle bug report.

“If you do good for the com­mu­ni­ty, not only will you become rich, but you will also become a hero,” Amador said.

Immune­fi has pre­vi­ous­ly facil­i­tat­ed a $10 mil­lion bug boun­ty pay­ment for a vul­ner­a­bil­i­ty dis­cov­ered in the cross-chain mes­sag­ing solu­tion Worm­hole, and a $6 mil­lion expo­sure dis­cov­ered on a bridge and scal­ing solu­tion Aurora. 

Most recent­ly, Arbi­trum, a layer‑2 Ethereum scal­ing solu­tion, paid 400 ETH (almost $550k USD) to a white hat hack­er through Immune­fi as a reward for uncov­er­ing a vulnerability.

The lat­est fundraise will be going toward grow­ing the Immune­fi team, Amador said. 

“We need bet­ter tech­ni­cal exper­tise — we can­not keep up with the lev­el of activ­i­ty,” Amador said. “We just need more people.”


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  • Bessie Liu

    Block­works

    Reporter

    Bessie is a New York based cryp­to reporter who pre­vi­ous­ly worked as a tech jour­nal­ist for The Org. She com­plet­ed her master’s degree in jour­nal­ism at New York Uni­ver­si­ty after work­ing as a man­age­ment con­sul­tant for over two years. Bessie is orig­i­nal­ly from Mel­bourne, Australia. 

    You can con­tact Bessie at [email pro­tect­ed]

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