Crypto lost $110 million to hacks in July amid rising bug bounty activity: Immunefi

60-second summary

Crypto lost approximately $110 million to hacks in July as Immunefi reported its audit competitions outperformed tier-1 audits, indicating a surge in bug bounty activity. This trend suggests hackers are actively targeting vulnerabilities, underscoring the need for robust security measures in the industry. The losses highlight the ongoing vulnerability of the crypto ecosystem.