{"id":358151,"date":"2021-10-26T15:50:00","date_gmt":"2021-10-26T12:50:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/immunefi-to-bolster-defi-security-service-with-new-funds\/"},"modified":"2021-10-26T15:50:00","modified_gmt":"2021-10-26T12:50:00","slug":"immunefi-to-bolster-defi-security-service-with-new-funds","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/immunefi-to-bolster-defi-security-service-with-new-funds\/","title":{"rendered":"# Immunefi to bolster DeFi security service with new funds"},"content":{"rendered":"

“# Immunefi to bolster DeFi security service with new funds <\/strong>”
\n<\/p>\n

DeFi security platform Immunefi has announced a $5.5 million funding from a panoply of eleven institutional investors including Blueprint Forest, Electric Capital, Framework Ventures and Bitscale Capital, in addition to a series<\/a> of private individuals.\u00a0<\/p>\n

Immunefi will utilize the funds to advance its services in DeFi security, providing asset protection to smart contract protocols, as well as implementing financial incentives to benevolent hackers. <\/p>\n

The service is reportedly responsible for protecting more than $50 billion in protocol assets from projects such as Synthetix, Chainlink, SushiSwap and PancakeSwap. It has paid out $7.5 million in bug bounties throughout its history.<\/p>\n

According to analytical data<\/a> from REKT Database, the DeFi space has experienced malicious hacks totaling more than $1.74 billion in its entire lifespan, a vast proportion of which has been witnessed in the months since July 2021.<\/p>\n

The $609 million hack of cross-chain protocol Poly Network in early August this year bears the undesirable crown for the industry’s largest-ever hack. However, in welcomely unusual circumstances, Mr. White Hat \u2014 as they came to be known \u2014 returned all of the available funds, the remaining balance being the $33 million USDT tokens initially frozen. <\/p>\n

Over the past year, the prevalence and severity of financial breaches within the DeFi space have established a surging demand for security services such as Immunefi.<\/p>\n

Related: \u200b\u200bWhite hat hacker paid DeFi\u2019s largest reported bounty fee<\/em><\/strong><\/p>\n

Founder and CEO of Immunefi, Mitchell Amador, spoke of the importance of offering DeFi protective measures:<\/p>\n

\u201cDeFi is unique because vulnerabilities in code represent a possibility of a direct loss of users\u2019 money. Bug bounty programs are open invitations to security researchers to find those vulnerabilities in exchange for a reward, and have proved one of the most effective ways to deal with critical security holes.\u201d<\/p><\/blockquote>\n

In late September, a $1.05 million bug bounty fee was paid to renowned white hat programmer Alexander Schlindwein in the aftermath of the Belt Finance saga, for his instrumental role in preventing a potential $10 million downfall for the protocol. The claim was facilitated through Immunefi\u2019s specialist bounty program.<\/p>\n

More recently, white-hat hacker, Gerhard Wagner, pocketed a cool $2 million for diligently advising a solution to a \u201cdouble-spend\u201d flaw on the Polygon network, preventing a potentially catastrophic $850 million, the former of which now stands as an industry record. <\/p>\n

Immunefi\u2019s Amador also commented on the potential impact a service such as Immunefi could have on the wider technology<\/a> landscape:<\/p>\n

“We believe that by helping launch such programs on Immunefi, we contribute not only to protecting DeFi projects for today, but also to shaping the tech industry for the future.\u201d<\/p><\/blockquote>\n