Crypto hacks drained $110 million in July, Immunefi reports
Immunefi says crypto lost $110 million to hacks in July, with audit competitions beating tier-1 audits.
The crypto industry lost roughly $110 million to hacks and exploits in July, according to a new report from Immunefi, a leading bug bounty platform. The figure underscores the persistent security risks facing blockchain projects, even as the sector invests in defensive measures.
Immunefi also said that its audit competitions, which incentivize independent security researchers to find vulnerabilities, outperformed traditional tier-1 audits during the same period. The claim suggests that crowdsourced security testing may be more effective at identifying critical bugs than conventional audit firms.
What this means for crypto security
Bug bounty programs have become an increasingly common tool for crypto projects to identify and patch vulnerabilities before they are exploited. Immunefi's report highlights the ongoing scale of losses, which often stem from smart contract flaws, bridge exploits, and other technical weaknesses.
The report does not break down losses by project, but its findings come amid a broader trend of heightened attention toward security in the digital asset space.