Code4rena Announces Shutdown, Immunefi to Absorb Its Bug Bounty Clients and Researchers

On May 14, according to official news, the smart contract auditing platform Code4rena announced that it will gradually cease operations, with Web3 security company Immunefi taking over its clients and security researchers. Code4rena posted on social media that it has made the decision to shut down and stated that all ongoing competitions and bounty activities will be completed as scheduled, and existing collaborations will be ‘properly concluded.’ Immunefi stated that it will assist in migrating Code4rena’s bounty projects, reward structures, and researchers to its platform. Code4rena is known for its ‘competitive auditing’ model, where independent researchers compete to find smart contract vulnerabilities for rewards. This shutdown comes less than two years after blockchain security company Zellic acquired Code4rena in 2024. Previously, Code4rena raised $6 million from Paradigm in 2023 for audit incentives and platform expansion. The shutdown occurs during a challenging time for DeFi protocols and the security sector. Data from DefiLlama shows that over 20 crypto vulnerability incidents occurred in April alone, setting a monthly record. JPMorgan analysts believe that ongoing DeFi security incidents are limiting the entry of major institutional investors. Meanwhile, the total value locked in DeFi has dropped from about $160 billion in October to around $83 billion currently.