Decentralized security (DeFi) platform Immunefi has announced that it has raised $5.5 million in donations from a group of 11 institutional investors including Blueprint Forest, Electric Capital, Framework Ventures and Bitscale Capital, as well as a number of individuals.

Immunefi will use the funds to promote its DeFi security services, provide asset protection for smart contract protocols, and implement financial incentives for benevolent hackers.

The service is said to be responsible for protecting more than $50 billion worth of protocols from projects such as Synthetix, Chainlink, SushiSwap, and PancakeSwap. Throughout history, he’s paid $7.5 million in wrong prizes.

According to analytics by DeFiYield’s REKT database, over $1.74 billion has been hacked into the DeFi region over its lifetime, most of which was seen in the months from July 2021.

The $609 million Internet Protocol hack of Poly network in early August 2021 will bring the unwanted crown to the largest hack in history. But under unusual and long overdue circumstances, Mr. White Hat – as it became known – returned all available funds, and the remaining balance of $33 million in Tether (USDT), which had initially been frozen.

Over the past year, the prevalence and severity of financial irregularities in the DeFi region has increased the demand for security services such as Immunefi.

Related: White Hat Hacker Paid Highest Fee for Defi Award

Mitchell Amador, founder and CEO of Immunefi, spoke about the importance of offering DeFi collateral:

“DeFi is unique in that code vulnerabilities represent the potential for direct loss of user funds. Bug Bounty programs are open invitations to security researchers to find these vulnerabilities in exchange for rewards, and they have proven to be one of the most effective ways to combat them. With serious security holes. ”
In late September, following the Belt Finance saga, famed white-hat programmer Alexander Shlindwin received a $1.05 million bounty for his role in preventing a potential $10 million drop in the protocol. The requirement is fulfilled through a special Immunefi Rewards Program.

Recently, white-hat hacker Gerhard Wagner raised $2 million to fully advise on resolving the Polygon network’s “double consumption” bug and to prevent the potentially catastrophic use of $850 million, and now the reward is the industry. write.

Immunefi’s Amador also commented on the potential impact the service could have on the broader technology landscape:

“We believe that by helping launch programs like this on Immunefi, we are not only helping protect DeFi projects today, but shaping the tech industry of the future.”

Source: CoinTelegraph