Code4rena, a Paradigm-backed crypto security platform known for competitive smart contract audits, said it will wind down its business while completing all open contests and bounties.
The C4 team announced the decision in a May 13 post on X, saying it had decided to wind down Code4rena "after careful consideration." The team didn't give a specific reason for the closure in the thread.
Code4rena connects crypto projects with security researchers, known on the platform as wardens, who compete to find bugs in smart contracts. Sponsors fund prize pools, wardens submit findings and judges decide which bugs are valid and how severe they are, according to the project's documentation.
Paradigm, the crypto VC giant, funded Code4rena DAO in 2023 through a $6 million token purchase meant to support incentives for independent auditors hunting for bugs. Later, in 2024, Code4rena was acquired by Zellic, a security firm.
Code4rena noted that despite the closure "all open contests and bounties will be completed," adding that the platform won't be "leaving anyone mid-engagement."
- Code4rena's website says the platform has completed 511 audits, registered more than 16,600 wardens and recorded 26,898 unique findings, including 1,607 unique high-severity vulnerabilities.