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Crypto lost about $110 million to hacks in July

Immunefi said its audit competitions outperformed tier-1 audits as hack losses totaled roughly $110 million for the month.

Reported · Written up by our desk · Market Structure

Crypto lost roughly $110 million to hacks in July, according to Immunefi data cited by The Block.

The report tied the increase in losses to a rise in bug bounty activity and said that Immunefi’s audit competitions performed better than tier-1 audits.

Immunefi characterized its approach as more effective in uncovering vulnerabilities, contributing to more findings as the industry faced repeated attack attempts.

The Block reported the July figure as part of a broader pattern of ongoing security incidents across crypto platforms.

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