CertiK is a blockchain security firm that has recently completed a funding round of $24 million. The Series B+ funding round was a part of its ongoing efforts. The efforts aim at expanding its security products and offerings into the field of decentralized finance or DeFi. This funding round was co-led by GL Ventures and Tiger Global. It follows the successful launch of Skynet Premium which is an active monitoring platform for DeFi applications. The partner at Tiger Global, Pengfei Wang said:
“The meteoric rise of decentralized finance has given millions of people the opportunity to become their own bank. Yet for the innovations to be fully trusted, security must be the focal point. We’re proud to support CertiK in raising the standards of security with the rollout of Skynet Premium. The product pioneers a novel and critical sector of the market: antivirus for blockchain.”
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Since its establishment, Skynet has tracked more than 2 million smart contract addresses and more than 2 billion on-chain transactions. CertiK has said that it has provided services to more than 1,300 corporate customers so far. In this process, the platform has discovered more than 23,000 vulnerabilities in the blockchain code. In the crypto market, these security exploits and different vulnerabilities are quite old.
As it was recently revealed by the Poly Network hackers, due to large sums of money, cryptocurrencies, especially DeFi, are attracting more sophisticated attackers and hackers in the marketplace. Just the last week itself, the market value of cryptocurrencies broke the $2 trillion mark for the first time since May, focusing on the financial impact of coordinated attacks on the industry.
Moreover, Poly Network is not the only decentralized finance protocol that was attacked last week. The crowdfunding platform DAO Maker also lost $7 million in an attack. The attack targeted more than 5,200 user accounts on the platform. Also last month, THORChain, the famous decentralized exchange became the victim of an attack that compromised almost $8 million worth of Ether (ETH). It is the second multimillion-dollar hack in a considerable amount of time.