- Immunefi, a blockchain security platform, has paid out more than $100 million to ethical hackers.
- The three-year awards are the consequence of more than three thousand bug bounty reports.
Immunefi, a Web3 bug bounty and security services platform, has paid out more than $100 million to ethical hackers and researchers.
According to the team, the achievement came almost three years after Immunefi’s December 2020 launch and was the consequence of more than 3,000 paid bug bounty reports.
Developers and security researchers are invited by bug bounty programs to review a project’s code, find vulnerabilities, and get compensated for their findings.
Of Immunefi’s $100.21 million in rewards, smart contract bugs make up the largest share, accounting for $77.97 million (77.5%) of the bounties.
The amount of $18.76 million (18.6%) that was attributed to vulnerabilities in blockchain and distributed ledger technology protocols was followed by $3.85 million (3.8%) in website and application bug reports. Payouts totaling about $19,550 were flagged as unclear.
Six41 bug rewards, totaling $88.34 million, were classified as critical in severity, making up 87.8% of all bounties that were paid out. There were four categories: low severity (656 ($1 million), medium severity (723 ($3.34 million), high severity (559 ($7.45 million), and informational (458 ($566,000).
The data shows that the largest total payout associated with the same bug was $14.82 million, linked to a major vulnerability in January 2021. It was only $25 at the lowest.
We put in a lot of effort to protect the onchain environment, and this accomplishment is a result of our community of researchers’ hard work and the success of our bug bounty programs.
Mitchell Amador, the CEO and founder of Immunefi sad that their efforts are critical to averting significant financial losses in web3, and we will keep innovating and assisting them in securing projects and users for future generations.
With more than 45,000 researchers, Immunefi says it runs the largest blockchain security community, preventing the theft of over $25 billion in user funds from platforms like MakerDAO, Optimism, Chainlink, The Graph, Polygon, and Synthetix. The largest white hat hacker bounty made possible by Immunefi was a $10 million payout for a flaw in the cross-chain protocol of Wormhole.
Immunefi revealed in March that cryptocurrency losses as a result of frauds and hacks were $336 million in just the first quarter of this year.
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