Chaos Labs Secures $55M for Enhanced DeFi Security

Chaos Labs, a New York-based company focused on blockchain security, has raised $55 million in a Series A funding round. 

The round was led by Haun Ventures and included contributions from PayPal, Lightspeed, Galaxy Ventures, and Wintermute. New investors F-Prime Capital, Slow Ventures, and The Spartan Group also participated.

Chaos Labs offers a cloud-based platform that helps DeFi protocols identify potential risks and strengthen their systems. Using advanced simulations, they help platforms test how well their systems can handle different scenarios and market conditions. Among the company’s clients are well-known DeFi protocols like Aave, GMX, and Jupiter. 

So far, Chaos Labs has helped secure $860 billion in trading volume, $25 billion in loans, and $35 million in incentives across over 20 crypto platforms.

Chaos Labs plans to use the new funding to develop more tools that offer real-time updates to DeFi platforms based on current market conditions. The company believes that improving these systems is crucial for DeFi to compete effectively with traditional finance. 

This new round of funding follows a $20 million seed round in February 2023, led by PayPal and Galaxy Ventures.

Also Read: DeFi Protocol Nexera Hacked for $1.5 Million Today