Wednesday, September 28, 2022
HomeNFT ArtFramework Makes its Largest Single Wager But on Immunefi

Framework Makes its Largest Single Wager But on Immunefi


  • Most just lately Immunefi facilitated a 400 ETH transaction from Arbitrum to a white hacker
  • Traders that participated within the spherical embrace Electrical Capital, Polygon Ventures and Samsung Subsequent

Immunefi, a Web3 bug bounty platform adopted by distinguished tasks together with MakerDAO, Compound and Chainlink, has secured a $24 million Sequence A led by Framework Ventures.

Framework Ventures beforehand led Immunefi’s seed spherical in Could final yr, however the newest spherical would be the largest verify the distinguished enterprise capital agency has ever publicly written, Roy Learner, principal at Framework Ventures mentioned in an announcement.

“Because it stands, Immunefi is by far and away essentially the most extensively adopted resolution within the crypto safety and bug bounties area,” Learner mentioned. “We’re excited to see the corporate scale and amass expertise as increasingly key tasks onboard into their ecosystem.”

Different buyers that participated within the spherical embrace Electrical Capital, Polygon Ventures and Samsung Subsequent.

Mitchell Amador, co-founder of Immunefi got here up with the thought for the corporate after shedding a big amount of cash to sensible contract hacks.

“There’s a entire world that’s enabled by [blockchain] know-how and it cannot exist with out safety…we mapped the entire stack and concluded that essentially the most essential piece, which the area won’t resolve by itself, is the disclosure layer — the 911,” Amador mentioned.

The safety firm rewards white hat hackers for reviewing blockchain tasks and disclosing vulnerabilities — creating financial incentives for specialists to make dapps safer. It at present boasts a neighborhood of over 11,000 builders, auditors, CTOs and hackers.

In keeping with Amador, rewards can vary from a number of thousand {dollars} to upwards of tens of millions of {dollars} for a single bug report.

“If you happen to do good for the neighborhood, not solely will you turn out to be wealthy, however additionally, you will turn out to be a hero,” Amador mentioned.

Immunefi has beforehand facilitated a $10 million bug bounty fee for a vulnerability found within the cross-chain messaging resolution Wormhole, and a $6 million publicity found on a bridge and scaling resolution Aurora. 

Most just lately, Arbitrum, a layer-2 Ethereum scaling resolution, paid 400 ETH (virtually $550k USD) to a white hat hacker via Immunefi as a reward for uncovering a vulnerability.

The most recent fundraise will probably be going towards rising the Immunefi workforce, Amador mentioned. 

“We’d like higher technical experience — we can not sustain with the extent of exercise,” Amador mentioned. “We simply want extra individuals.”


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  • Bessie Liu

    Blockworks

    Reporter

    Bessie is a New York based mostly crypto reporter who beforehand labored as a tech journalist for The Org. She accomplished her grasp’s diploma in journalism at New York College after working as a administration marketing consultant for over two years. Bessie is initially from Melbourne, Australia.

    You possibly can contact Bessie at [email protected]

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