Crypto Hacks Cost Industry Over $110 Million in July
Crypto projects lost around $110 million to hacks in July, according to Immunefi. The company recorded more confirmed bug bounty reports and found that audit competitions uncovered more serious vulnerabilities than private audits.
Audit competitions identified an average of 6.2 serious bugs per engagement, compared with 1.5 in private tier-1 audits. Competitive reviews involve multiple independent researchers examining the same code and receiving rewards based on the vulnerabilities they find.
Immunefi projects that the number of hacks exceeding $1 million could reach 114 by the end of 2026, surpassing the previous annual record of 72 major incidents set in 2024. The company recorded 164 crypto hacks through August 3, including 67 incidents that each caused more than $1 million in losses.