“Every generation’s task is to renew the world over again.”
Mitchell Amador, one of the latest entrepreneurs to make considerable waves in crypto, is a Canadian-born cryptocurrency enthusiast whose company Immunefi seeks to offer a solution for detecting, preventing and managing security breaches on blockchain platforms. Founded in December 2020, Portugal-based Immunefi has become a well-known bug bounty platform, guarding over $25 billion in user funds across marquee projects such as Chainlink, SushiSwap, MakerDAO, Compound, Alchemix and many others.
Amador’s Immunefi features a standard set of tools that bring blockchain projects and hackers together so that bugs can be reported responsibly. Immunefi was born out of Amador’s own frustrations as a DeFi investor who had invested significant amounts in unsecured projects, and now he aims to offer security solutions at a fraction of the traditional costs involved by onboarding clients with custom bug bounty programs tied to them. Instead of relying on onboarding, maintenance, adviser or launch fees, Immunefi features performance fees charged when its Web3 and DeFi security experts successfully complete a project.
Besides helping blockchain projects with code reviews, Amador has been instrumental in introducing services such as the Immunefi Bugs Platform and public relations and communications support in handling press coverage. Amador has leveraged his extensive experience to help Immunefi amass over 300 projects, paying out over $65 million in bounties since its inception.
Amador recognized that open-code and directly monetizable exploits had made Web3 an increasingly adversarial software development space, often vocalizing why he believes Immunefi offered the most cost-effective solution for all of blockchain’s security concerns. Underscoring his confidence is that Immunefi raised $24 million in a Series A funding round in September 2022, counting investors such as Polygon Ventures, Samsung Next and Lattice Capital, among a few others.
Amador leveraged the success stories of Immunefi’s white hat hackers to build its human capital to a level required to cater to the ever-increasing security requirements of the crypto industry.
At the same time, he ensured that blockchain projects needed to pay out only when the reported vulnerability was within the scope of their bug bounty program. Payments on Immunefi are fixed based on the service provided, so fees are charged only when Immunefi’s services bring value to the project.
Amador’s own interest in understanding the mechanisms of various attacks motivated him to establish Immunefi’s Hack Analysis series, providing a great learning resource for developers and enthusiasts alike. He also used Immuefi’s Whitehat Leaderboard initiative to promote the firm’s top 20 white hats, further incentivizing them with exclusive merchandise, travel and speaking opportunities. Amador’s commitment to harnessing the power of Immunefi’s community to create a positive real-world impact on the crypto industry is what sets him apart from the crowd.
Amador is focused on expanding Immunefi’s “Whitehat Army” while also building more partnerships to establish Immunefi as the preferred choice for blockchain projects wanting a security partner with solid credentials. He has said he plans to double Immunefi’s headcount from its current level of 25 by the end of 2023 to meet the exponentially growing demand from DeFi projects looking to secure themselves against catastrophic exploits.
Amador will look to expand Immunefi’s existing capabilities beyond bug bounty hosting, consultation and program management services to cement its leadership position in this still nascent segment of the crypto ecosystem. He has also made clear his intention to transform Immunefi into a community-driven, decentralized project in the near term, with community members deciding the platform’s future.
