Squash those (crypto) bugs! Meet Immunefi. This Singapore-based startup keeps your crypto safe by paying whitehat hackers (aka, the good hackers) to find bugs and vulnerabilities. Now, they've just raised a $24M Series A for more web3 hacker heroes! 🦸🏻‍♂️

• $2B has been lost to crypto hacks and scams this year.
• They've paid out $60M to hackers and saved over $25B in funds from getting hacked.

Investor check. Framework Ventures led the round. Electric Capital, Polygon Ventures and Samsung Next also joined in!

• This is Framework Ventures' largest-ever public investment.
• They raised a $5.5M seed last October.

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😨 Millions on the line

While paying hackers to discover bugs isn't anything new, it's way more important in web3.

Why? Because web3 projects hold tons of crypto funds, especially with decentralized finance (DeFi) — hacks put actual money at risk.

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💻👾 Squash those bugs!

If you've got a blockchain or web3 project, just list it on Immunefi. Then, it's a free-for-all for anyone signed up on Imunefi to try to hack your code and discover vulnerabilities and bugs.

• They have a community of over 11,000 CTOs, developers, auditors and hackers.

How about the bounties? Each web3 project offers different bounties depending on the type of bug and vulnerability.

• The more critical the bug, the higher the payment the web3 project offers.

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⚡️ Save, don't steal

You can't just offer a few thousand when millions are at risk.

• A hacker who discovers a bug can exploit it and steal millions of dollars.

Immunefi's got a bug bounty standard that scales to as high as 10% of funds potentially at risk.

• New millionaires. A hacker got $10M for a vulnerability in Wormhole, and another got $6M for a vulnerability in Aurora.
• In context. The largest conventional bug bounty offered by Apple was around $2M.

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💪🏼 What's next?

They'll be growing the team to keep up with the growth of web3 projects and demand.