Immunefi, the Web3.0 bug bounty and security services platform, has exceeded $100 million in payouts to ethical hackers and researchers.
The platform was founded in December 2020 and has paid out over 3,000 bug bounties in just three years. This achievement underscores the importance of bug bounty programs in enhancing security for cryptocurrency platforms.
Unveiling the Immunefi Treasure Trove
Mitchell Amador, the CEO of Immunefi, said that the hard work put in by the bug bounty programs and the dedicated researchers in the community in order to protect the online ecosystem has paid off eventually.
Ever since the security service platform was launched, out of the total payouts of $100.21 million, the biggest share, totaling $77.97 million (77.5%), was given for discovering and resolving smart contract bugs.
Meanwhile, vulnerabilities linked to blockchain and distributed ledger technology protocols resulted in payouts totaling $18.76 million (18.6%).
This was followed by bug reports related to websites and applications receiving rewards amounting to $3.85 million (3.8%). In addition, some payouts totaling $19,550 were designated as “unspecified.”
The largest white hat hacker reward coordinated by the firm was a $10 million prize for finding a vulnerability in Wormhole’s cross-chain protocol.
Bug Bounty Payout Breakdown
Bug bounty programs encourage developers and security researchers to review a project’s code, pinpoint flaws, and earn rewards for their findings.
Immunefi compensates white-hat hackers according to the severity of the vulnerability found, with payouts sometimes reaching as high as $10 million.
Here is the breakdown of bug bounties based on severity levels. The highest severity level, “critical,” had 641 bounties totaling $88.34 million, making up 87.8% of all bounties paid out.
Following that, there were 559 bounties labeled as “high” severity, amounting to $7.45 million. Additionally, there were 723 bounties classified as “medium” severity, totaling $3.34 million.
Furthermore, 656 bounties fell under the “low” severity category, with a combined value of $1 million, and 458 bounties were considered “informational” with a total value of $566,000.
Crypto Hacks Continue to Plague the Industry Amid Efforts
Immunefi is a major security platform widely used in the industry. It has a community of over 45,000 researchers and has safeguarded over $25 billion in user funds linked to Polygon, Optimism, Kyberswap, The Graph, Polkadot, ApeDAO, MakerDAO.
Notably in 2022, the crypto bug platform secured $24 million through a Series A funding round with key investors to enhance its internal capabilities.
Despite the ethical hacking efforts in the crypto industry, attackers in DeFi have managed to steal over $3.4 billion in funds over the last four years. Recently, Kraken accused a blockchain security firm’s researchers of withdrawing nearly $3 million from its wallets after a bug disclosure, and not returning the funds.
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