PANews reported on May 14th that, according to The Block, Code4rena, a competitive smart contract auditing platform, announced it will cease operations, and Web3 security company Immunefi will take over its clients and security researchers. Code4rena stated on its X platform that all ongoing competitions and bug bounties will be terminated, and existing partnerships will be properly closed. Immunefi will assist in the migration of bug bounty programs, reward structures, and security researchers.

Code4rena's main business was "competitive auditing," where independent researchers competed to find smart contract vulnerabilities and were rewarded. In 2024, blockchain security company Zellic acquired Code4rena, which had previously raised $6 million from Paradigm in 2023.