Web3 bug bounty and security services platform Immunefi has surpassed $100 million in ethical hacker and researcher payouts, according to data the firm shared with The Block.

The milestone was reached around three years after Immunefi launched in December 2020, resulting from over 3,000 paid bug bounty reports, the team said.

Bug bounty programs invite developers and security researchers to examine a project's code, identify vulnerabilities and receive payment for their discoveries.

Smart contract bugs represent the highest proportion of Immunefi’s total $100.21 million in payouts, accounting for $77.97 million (77.5%) of the bounties. Vulnerabilities related to blockchain and distributed ledger technology protocols accounted for $18.76 million (18.6%), followed by website and …