Svmuu reported that the smart contract auditing platform Code4rena has announced it will gradually cease operations. All ongoing audit contests and bug bounty programs will still be completed as normal.
Web3 security platform Immunefi subsequently stated that it will collaborate with Code4rena to take over its bug bounty clients and security researchers, assisting in the migration of bounty scope, rules, and reward structures.
Code4rena was known for its "competitive audit" model, allowing independent security researchers to earn rewards by discovering smart contract vulnerabilities. The platform secured $6 million in funding from Paradigm in 2023 and was acquired by blockchain security firm Zellic in 2024.