Crypto Hacks Cost $110M in July

Crypto projects lost about $110 million to hacks and scams in July, according to new data from Immunefi. The security firm noted that July saw a high number of confirmed bug bounty reports as researchers raced to find flaws before attackers did.

The data also showed that public audit competitions uncovered more serious vulnerabilities than traditional private audits. This finding highlights a shift in how the industry handles security testing and code reviews.

With these latest July figures added to the books, the crypto sector remains on pace for a difficult year regarding exploits. Traders and developers will need to watch security trends closely as platforms look for better ways to protect user funds.