(Rejected) Cybersecurity Startup Halbor Raised $90M in Series A Funding Led by Summit Partners

Cybersecurity startup Halborn has raised $90 million in Series A funding led by Summit Partners.

The company said the funding also came from Castle Island Ventures, Digital Currency Group and Brevan Howard.

Halborn is an elite blockchain cybersecurity firm founded in 2019 by ethical hacker Steven Walbroehl and growth hacker Rob Behnke. They provide end-to-end cybersecurity services, from advanced penetration testing to performing security audits of layer 1 blockchain protocols including Solana, Cosmos, and Substrate.

While many cryptocurrency companies have fallen victim to the crypto winter, including OpenSea, coinbase, and more, Halborn CEO Rob Behnke said the appeal to cybersecurity has nothing to do with cryptocurrency prices, but more about the cryptosecurity industry as a whole development potential.

Hackers stealing cryptocurrencies have been common across the industry. More than 7,500 ether ($8 million) was hacked from Uniswap on last Monday, according to a report from The Block.

And the company uses its expertise to check the code of the blockchain platform for vulnerabilities and develop security measures.

Last week, The startup discovered a flaw in the MetaMask crypto wallet.

Halborn co-founder and Chief Information Security Officer Steve Walbroehl said in an interview with Bloomberg that:"We've held onto that for like almost a year until they had it fixed." 

OpenSea has decided to slash its workforce and announced that it will cut a fifth or 20% of its staff.

Other crypto firms that have laid off employees due to the market downturn include U.S. cryptocurrency exchange Coinbase Global Inc., which reduced staff by 18% in mid-June.

According to a report from Blockchain.News, crypto exchange Crypto.com and lending platform BlockFi also announced in early June plans to cut over 400 jobs globally due to the pressure from difficult market conditions.