Immunefi - The Security Company that Protects Billions of Dollars💰
Learn about Immunefi which keeps $60 billion worth of your cryptocurrencies out of hackers' hands.
Have you ever used cryptocurrencies before? If you have, I am excited to share the company that protects over $60 billion worth of crypto from being hacked. Let's get started.
Immunefi (immune finance) was founded on December 9th, 2020 by CEO Mitchell Amador. The vision of Immunefi is to bring bug bounties to web3 and blockchains. Bug bounties are when a company pays ethical hackers for finding security flaws and bugs before malicious hackers take advantage of them. Immunefi is very similar to the well-established HackerOne bug bounty platform, but it is instead focused specifically on blockchains, cryptocurrencies, smart contracts, and web3. In 2020, $3.8 billion were stolen in blockchain-related hacks, and just last year in 2021, that number more than doubled to $8 billion in hacks. Immunefi has prevented $25 billion from being hacked through their bug bounty program in less than 2 years (which is pretty incredible).
On the homepage of Immunefi, they advertise that they protect $60 billion in user funds, have paid out over $62 million and there are currently $141,268,548 in bounties available.
There are many web3 companies and projects using this platform to patch security flaws before they get used by malicious hackers. Wormhole and MakerDAO are offering the highest rewards of up to $10,000,000.
White hat hackers (people who hack for good) can go to Immunefi, find a company/project offering a bounty, and start reviewing code right away. Once they find a bug, they submit it through Immunefi and they get paid based on the severity of the bug and where the bug was found. For example, MakerDAO offers $5,000,000 for critical bugs, $100,000 for high-severity bugs, $5,000 for medium bugs, and $1,000 for low-severity bugs found in their smart contracts.
Every bug bounty also has a set of rules that white hat hackers must follow in order to legally hack and actually get the bounty reward. Most bug bounties disallow DDoS (distributed denial of service) attacks and prevent hackers from exploring the private info of other accounts (they usually want you to hack your test accounts).
For companies and project maintainers, you will create an account and answer setup questions pertaining to your project. Immunefi will automatically create a bug bounty template that you can customize. Then an Immunefi launch specialist will help get the bug bounty started. There is no upfront cost to Immunefi other than the bounty payouts. Immunefi will only take a 10% cut for rewards that are paid.
Immunefi also offers a "Whitehat Scholarship" where they will pay hackers to quit their daytime job and get started with a career in bug bounty hunting on the Immunefi platform.
And That's It!
I hope that you enjoyed! You now know what Immunefi is and a little bit about their business. If you love hacking, I hope you come to protect this billion-dollar industry.