Code4rena, a competitive smart contract auditing platform, has announced its closure, with Web3 security firm Immunefi set to take over its clients and security researchers. Code4rena confirmed that all public contests and bounty programs will be completed, ensuring a smooth conclusion to ongoing activities. Immunefi will collaborate with Code4rena to transition its vulnerability bounty customers, offering support for transferring bounty scopes, rules, and reward structures. Code4rena, known for its "competitive audit" model, was founded in 2024 and had raised $6 million from Paradigm in 2023. The shutdown occurs amid a challenging period for the DeFi industry, which has seen a significant decline in activity and capital, with the total value locked in DeFi protocols plummeting from $160 billion to $8.3 billion. Recent DeFi exploits have further deterred institutional investors, highlighting ongoing security challenges in the sector.
Immunefi to Absorb Code4rena's Clients as Platform Shuts Down
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