Funding

Blocksec Raised $8 Million from Vitalbridge Capital and Matrix Partners

Written by: Qadir AK

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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Jul 13, 2022

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Blocksec startup was founded in 2021 and is working on blockchain technology raised $8 million in their seed plus founding co-led by Vitalbridge Capital and Matrix Partners with participation on mirana venture (venture partner of bybit,) coin summer and ym capital.

is working on security infrastructure for the blockchain ecosystem with cutting-edge technology. The Firm enhances the security of decentralized applications, Detects high-impact blockchain vulnerabilities, and blocks sophisticated security attacks.

Working with 100+ clients.

Till now Blocksec provided security audits service to 100+ clients, in both solidity and rust ecosystems. Block sec developed a real-time on-chain monitoring system to block ongoing attacks and rescued more than $5 million in assets, Recently  Blocksec rescued $3.8 million worth of stablecoin in DEX saddle finance from an “internal system” which can detect front-run hacking incidents using off-chain arbitrage bots called flash boats.

The company has identified several critical vulnerabilities on the Solana blockchain, with nearly one million bugs and $1 million bounties awarded. Even the flash loan monitoring system and the transaction visualization system are developed by block sec, these two public tools are widely used by the blockchain security community.

The company is planning to invest in expansion and fund its research and production team and provide on-chain monitoring, and attack interception capability for more decentralized applications.

Founders

As for the team, two co-founders of Blocksec, Zhou Yajin and Wu Lei, both received their Ph.D. degrees from North Carolina State University in the US, and they are currently professors and associate professors at Zhejiang University respectively. Since 2018, they have conducted blockchain security research in academia for many years. In addition, they also served as Qihoo 360’s security researchers.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
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