Code4rena Shuts Down as Immunefi Absorbs Bug Bounty Platform

Code4rena announced its shutdown, with Web3 security firm Immunefi stepping in to absorb its customers, bounty programs, and security researchers. The competitive smart contract auditing platform said all open contests and bounties will be completed, and active engagements will be seen through to proper closure.

Immuefi will help migrate Code4rena's customers, reward structures, and scopes onto its platform. The closure comes less than two years after blockchain security firm Zellic acquired Code4rena in 2024. Code4rena raised $6 million from Paradigm in 2023. The move reflects pressure in the audit market as DeFi total value locked has declined from roughly $160 billion in October to $83 billion currently, according to The Block.