Blockchain security firm BlockSec has raised CNY50 million ($7.47 million) in a Seed Plus funding round co-led by Vitalbridge Capital and Matrix Partners.
The latest funding round also received participation from Mirana Ventures (Venture Partner of Bybit), CoinSummer, and YM Capital.
In December 2021, BlockSec raised an undisclosed amount in seed funding round led by Fenbushi Capital, with participation from A&T Capital, Qulian, Impossible Finance, Incuba Alpha and NEAR MetaWeb Ventures.
Founded in 2021 by Zhou Yajin and Wu Lei, BlockSec provides security infrastructure for the blockchain ecosystem and collaborates with DeFi projects to secure their products.
Zhou and Wu, both received their Ph.D. degrees from North Carolina State University in the US. They are currently professors and associate professors respectively at Zhejiang University in China. They have been conducting blockchain security research in academia since 2018. They also worked as security researchers at Qihoo 360, a Chinese internet security company.
BlockSec said that it utilizes cutting-edge technologies to enhance the security of dApps, detect high-impact blockchain vulnerabilities, and block sophisticated security attacks.
BlockSec has so far provided security audit services to more than 100 crypto projects, in both Solidity and Rust ecosystems.
BlockSec has developed a real-time on-chain monitoring system to block ongoing attacks and rescued more than $5 million assets.
It recently rescued $3.8 million from the exploiters for the stablecoin DEX Saddle Finance. In April, Saddle was hacked for around 4,900 ether ($13.8 million). Among them, 1,360 ether ($3.8 million) was rescued by BlockSec with an “internal system” that can detect and front-run hacking incidents using off-chain arbitrage bots called flashbots.
BlockSec mentioned in a press release shared with AlexaBlockchain that it has identified multiple critical vulnerabilities on the Solana blockchain, with nearly $1 million bug bounty awarded.
Also, the flash loan monitoring system and the transaction visualization system developed by BlockSec are two public tools widely used by the blockchain security community.
BlockSec intends to use the new funds to expand its research and production team and provide the on-chain monitoring and attack interception capability to more decentralized applications (dApps).
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