Web3 bug bounty platform Immunefi exists because it’s impossible to write completely secure code, said co-founder and CEO Mitchell Amador on the latest episode of gm from Decrypt podcast.

But with billions of dollars running through the pipelines of cryptocurrency protocols, finding and fixing vulnerabilities has become a costly problem to solve. Just last month, Immunefi published a report showing the number of hacks and scams in the first quarter of 2023 rose 192% compared to the same period last year. 

Immunefi acts as a bug bounty crowdsourcing platform. Web3 and decentralized finance (DeFi) developers post bounties, or rewards, for reports of vulnerabilities found in their code. Then computer security experts—or white hat hackers—stab and poke at codebases until they find a vulnerability. If their report checks out, they collect the bounty and get a tally added to their score on the leaderboard. 

The highest-earning hacker on the platform has earned $13 million from submitting four reports so far. And Immunefi has paid out more than $75 million total since it launched in 2021. Although the company is beginning to flourish now, for the first two years it struggled to gain traction.

According to Amador, the issue was that it was more financially profitable to exploit a cryptocurrency protocol and steal millions rather than report a bug and claim a bounty. But that’s how Amador learned how to hone his don’t-be-a-bad-guy

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Author: Pedro Solimano

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