FinTech news in Immunefi category

Most tech companies, including Apple and Microsoft, use a similar bug bounty methodology, but the practice was less well employed in web3, in part because hackers can sometimes be far more incentivised to steal the money rather than report the bug, especially when millions of might be dollars might be on offer. So Immunefi developed a bug bounty standard which scales, to encourage projects to pay rewards for big vulnerabilities at a rate equivalent to 10% of the funds at potential risk. Immunefi connects web3 projects that need their code checked and secured with whitehat hackers who report vulnerabilities and claim monetary rewards. It was around this time last year that we reported that Immunefi — one of the emerging bug bounty and security services platforms for DeFi — had raised $5.5 million in funding.