Immunefi rolls out Magnus to integrate crypto security tools into single platform

Web3 bug bounty platform Immunefi has launched Magnus, an AI-powered security platform that integrates security tools and pipelines into a single "command center," aiming to secure crypto protocols.

The platform seeks to address the inefficiency of current onchain security measures and the inevitability of large-scale breaches if systems remain unchanged. Magnus automates security operations using AI across various aspects, such as vulnerability scanning, audits, bug bounties, onchain monitoring and firewalls.

Immunefi is crypto's leading crowdsourced security platform, covering $190 billion in assets across 500 projects.

The launch follows the largest crypto exploit ever, which targeted the crypto exchange Bybit on Feb. 21 and resulted in a loss of $1.4 billion. This was followed by another major exploit involving nearly $50 million at crypto neo bank Infini.

According to Immunefi, onchain security is fragmented and inefficient, relying on manual workflows that struggle to keep up with the relentless pace of threats the ecosystem faces. This scenario can only worsen, the firm says, as liquidity spreads across a growing number of protocols and the complexity of securing the ecosystem compounds.

“If security remains fragmented, the next trillion dollars in finance won’t move onchain,” Immunefi stated.

The firm claims the only way to address this and mitigate threats at scale is by unifying security into a single platform that enables protocols to automate and coordinate security tools, which is why it rolled out Magnus.

“Security must evolve as fast as the onchain economy itself, or the industry will remain trapped in a cycle of catastrophic breaches,” said Mitchell Amador, founder and CEO of Immunefi. “Magnus marks the first time security in web3 is being addressed as a cohesive, integrated, and efficient system rather than a patchwork of tools.”

Magnus leverages Immunefi’s proprietary security workflow automation engine and a crypto vulnerability dataset, Codex, to power its operations. Codex is used to power AI security models, allowing protocols to train and refine AI agents for onchain security, advanced threat detection and defense.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures .

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Immunefi rolls out Magnus to integrate crypto security tools into single platform

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