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BlockSec raises funds to enhance its service in providing security against blockchain vulnerabilities.
FREMONT, CA: With the increasing technological innovations, there is also a rise in sophisticated blockchain security threats. BlockSec is a security infrastructure company that has been aiming to protect the entire blockchain ecosystem. BlockSec, a blockchain security startup based in California, has completed its Seed Plus financing round, raising $8M. YM Capital, CoinSummer, and Mirana Ventures participated in the funding round with Vitalbridge Capital and Matrix Partners.
Since last year, over a hundred clients have benefited from BlockSec's security audit services. This is true of both Solidity and Rust's ecosystems. There have been numerous attacks on cryptocurrencies in the last few years. Yet, BlockSec has developed a system that allows them to monitor the chains in real-time and has rescued over 5 million assets, including 3.8 million, from the stablecoin DEX Saddle Finance. With nearly one million US dollars in bug bounties awarded, BlockSec has identified several critical vulnerabilities on the Solana blockchain. In addition, BlockSec has developed two public tools widely used by the blockchain security community: the flash loan monitoring system and the transaction visualization system.
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BlockSec plans on utilizing the funds raised to expand its research and production teams and to provide this on-chain monitoring ability and the ability to intercept attacks to more decentralized applications in the future.
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