cryptoknowmics.com
Blockchain security firm BlockSec has announced that it has closed $8 million in a seed plus funding round co-led by Vitalbridge Capital and Matrix Partners, with participation from investors Mirana Ventures (Venture Partner of Bybit), CoinSummer, and YM Capital.
Rescuing Over 100 Crypto Projects
In December 2021, BlockSec raised an undisclosed amount in a seed funding round led by Fenbushi Capital, with participation from A&T Capital, Qulian, Impossible Finance, Incuba Alpha, and NEAR MetaWeb Ventures. With the fresh funds, the company wants to expand its research and production team and provide the on-chain monitoring and attack interception capability to more decentralized applications. BlockSec has so far provided security audit services to over 100 crypto projects and has rescued more than $5 million in assets. It recently rescued $3.8 million from the exploiters for the stablecoin DEX Saddle Finance. In April, Saddle was hacked for around $13.8 million. Among them, $3.8 million was rescued by BlockSec with an "internal system" that can detect front-run hacking incidents using off-chain arbitrage bots called flashbots. https://twitter.com/saddlefinance/status/1520352933447147521 The company has also identified multiple critical vulnerabilities on the Solana blockchain, with a nearly $1 million bug bounty award. Additionally, the flash loan monitoring system and the transaction visualization system developed by BlockSec are two public tools widely used by the blockchain security community.