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Web3 bug bounty and security services platform Immunefi has closed a $24 million Series A funding round, putting the company on track to scale its internal capacity amid widespread vulnerabilities in the system. blockchain industry.

The funding round was led by San Francisco-based venture capital firm Framework Ventures, with additional participation from Electric Capital, Polygon Ventures, Samsung Next, P2P Capital and others. Immunefi said the capital would be used to hire staff as it scales to meet growing demand for blockchain security services and bug bounties.

Immunefi says it has paid out $60 million in total bonuses since its inception less than two years ago. The platform now supports over 300 projects across the crypto ecosystem, including Chainlink (LINK), MakerDAO and Compound (COMP). To incite white hat piratesImmunefi offers bounties and rewards for discovering security vulnerabilities in major blockchain protocols.

As reported by Cointelegraph, Immunefi has raised $5.5 million in funding last October to further strengthen its security capabilities. At the time, the company paid out $7.5 million in bonuses.

Related: The Impact Of The Wintermute Hack Could Have Been Worse Than 3AC, Voyager, And Celsius – Here’s Why

The decentralized finance, or DeFi, industry has been particularly prone to security vulnerabilities. In 2021 alone, scams and exploits targeting DeFi protocols cost the industry more than $10.2 billion, according to research conducted by Immunefi. DeFi remains a first attack vector for crooks in 2022, as evidenced by the recent Crypto Market Maker Wintermute’s $160 Million Exploit.

One of the biggest DeFi feats happened in April this year when Axie Infinity’s Ronin Bridge was hacked for over $600 million. Axie revived his Ronin Bridge three months later.