Immunefi launched on December 9, 2020, as a bug bounty platform focused on Web3 and smart contract security. We provide bug bounty hosting, consultation, bug triaging, and program management services to blockchain and smart contract projects.Bug bounty programs are open invitations to security researchers to discover and disclose potential vulnerabilities in projects’ smart contracts and applications, thereby protecting projects and their users. For their good work, security researchers receive a reward based on the severity of the vulnerability, as determined by the project affected.Why have a bug bounty program at all? In 2020 alone, hacks and scams cost the Web3 community over $238m, and bug bounties can prevent those hacks from happening. Bug bounty programs surface vulnerabilities so they can be fixed before they get exploited in malicious hacks that destroy projects and ruin reputations.