Ethical hackers working on Immunefi, a bug bounty platform focused on cryptocurrency and blockchain apps, were paid over $52 million in 2022 for identifying and reporting security vulnerabilities.
This comes as the value of crypto hacks reached over $3 billion in the same year. Immunefi, which is currently the leading platform in the web3 bug bounty space, offers larger rewards than other tech giants due to the higher stakes involved in web3 vulnerabilities, which can result in a direct loss of funds.
In 2022, Immunefi paid out a $10 million bounty for a vulnerability discovered in the Wormhole protocol and a $6 million bounty for a vulnerability found in the Aurora scaling solution.
Since its founding in 2020, Immunefi has paid out over $65 million in rewards and has worked with major players in the cryptocurrency and blockchain space.