Framework makes its biggest single bet on immunefi so far

Framework makes its biggest single bet on immunefi so far

ImmuneFi, a web3 bug bounty platform that secured a series A worth $ 24 million under the direction of Framework Ventures.

framework ventures previously headed the seed round of Immunefi in May last year, but the last round will be the greatest check that the prominent risk capital company has ever written publicly, said Roy Learner, director at Framework Ventures.

"As it looks, Immunefi is by far the most widespread solution in the field of crypto security and bug bounties," said Learner. "We are pleased to see the company grow and talent to accumulate because more and more key projects are being included in your ecosystem."

other investors who took part in the round are Electric Capital, Polygon Ventures and Samsung Next.

Mitchell Amador, co-founder of Immunefi, had the idea for the company after he had lost a significant amount of money from smart contact hacks.

"There is an entire world that is made possible by technology and it cannot exist without certainty ... We mapped the entire stack and have come to the conclusion that the most critical part that the room cannot solve alone is the 911," said Amador.

The security company rewards White-Hat Hackers for checking blockchain projects and the disclosure of weaknesses-which creates financial incentives for experts in order to make Dapps safer. It currently has a community of over 11,000 developers, examiners, CTOs and hackers.

According to Amador, rewards from a few thousand dollars to millions of dollars can range for a single error report.

"If you do good for the community, you will not only become rich, but also a hero," said Amador.

Immunefi previously made a bug bounty payment of $ 10 million possible for a weak point that was discovered in the cross-chain-messaging solution Wormhole, and a threat of $ 6 million in a bridge and scaling solution Aurora.

Last Arbitrum, a Layer 2 Ethereum scaling solution, 400 ETH (almost 550,000 USD) via ImmuneFi to a white hacker as a reward for the detection of a weakness.

The latest fundraising campaign will serve to expand the immuneefi team, said Amador.

"We need better technical know-how-we cannot keep up with the activity level," said Amador. "We just need more people"

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The Framework article makes its biggest single bet on Immunefi is not a financial advice.