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Immunefi, the web-centric bug bounty platform, completes the Series A

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Immunefia startup that offers a bug bounty platform for Web3 Actorsjust picked up $24 million from Corporate framework, Polygon y Samsung Next.

Based in Singapore and in operation since 2020, Immunefi connects Web3 Companiesthat want to check the code of their protocols, and ethical hackerswho are rewarded when they detect a failure in a project.

Thursday, Immunefi announced a Series A financing round of €24 million. led by cryptocurrency venture capital firm. Framework for companies. According to a statement, Electric Capital, Polygon Ventures, Samsung Next, North Island Ventures, Lattice Capital and Stratos DeFi. have also put their hands in the pot.

TheImmunefi has several major Web3 players as clients, among them. Chain link, MakerDAOComposite, PancakeSwap, Synthetix, or Wormholewhich was hacked to the tune of $320 million earlier this year.

By switching incentives to white hats, Immunefi has already saved billions of dollars in user funds. Cryptocurrency projects are quickly realizing that it’s better to use Immunefi than to end up publicly begging hackers to return funds or pay a ransom,” said Mitchell Amador, founder of the startup.

Since its inception, Immunefi has returned 60 million euros in premiums at white hats and boasts that it has saved more than $25 billion in user funds.

However, the Singapore-based company is not alone in this segment. Other established bug bounty platforms, such as. HackerOnehave been dumped on the Web3.

This Series A bringing the total funds raised by the company to. $29.5 millionaccording to Techcrunch. Immunefi was already raising $5.5 million in fall 2021.

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