Crypto Hacked for $110 Million in July Amid Rise in Bug Bounty Activity

Crypto suffered significant losses in July due to hacking incidents, totaling approximately $110 million, according to Immunefi. This figure marks a concerning trend for the industry.

The cybersecurity platform reported an increase of 18% in confirmed bug reports during the month, with researchers receiving $2.32 million for identified vulnerabilities.

A review of tier-1 audits by Immunefi found that they often failed to detect critical bugs, while the firm's own audit competitions revealed a median of 6.2 serious bugs per engagement, significantly more than those detected in tier-1 audits.