Crypto startup Immunefi, which helps DeFi projects run bug-finding programs on their platforms, has just completed a Series A funding round in which it has raised a total of $24 million.
The investment round was reportedly led by Framework Ventures. Other participants include Electric Capital, Polygon Ventures, Samsung Next, P2P Capital, North Island Ventures, Third Prime Ventures, Lattice Capital and Stratos DeFi.
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According to the company:
"So far, we've paid out $60 million in bounties to some of the world's best hackers and saved $25 billion from being hacked in web3."
The funds raised will be used to develop a new version of the platform, expand the team from 50 to 100 people and increase the amount of bounties for white hat hackers.
According to Immunefi, during the first quarter of 2022, crypto projects lost more than $1.22 billion as a result of hacks.