Crypto projects lose around $110 million to hacks in July
The cryptocurrency industry suffered approximately $110 million in losses from hacks in July, according to experts. At the same time, the number of confirmed and paid vulnerability reports rose by 18%, pointing to increased activity among security researchers.
According to The Block, Immunefi paid researchers $2.32 million for confirmed vulnerabilities during the month. The company also reported preventing 374 potential threats through its bug bounty programs.
Effectiveness of different vulnerability detection methods
Experts analyzed the results of 1,178 tier-1 audits. The median number of critical and high-severity vulnerabilities identified in these audits was zero.
They then compared those results with 58 Immunefi audit competitions, in which independent researchers compete to identify vulnerabilities. On average, these reviews uncovered 6.2 serious bugs per audit, compared with 1.5 in traditional tier-1 audits.
The cost of identifying a critical vulnerability also differed significantly. According to Immunefi, the average cost through an audit competition was $6,548, compared with approximately $66,000 for a private tier-1 audit.
If an attacker discovered the vulnerability first, however, the average resulting loss was estimated at $24.5 million. Immunefi therefore views proactive vulnerability detection as a significantly less expensive way to protect projects than dealing with the consequences of a successful attack.
Researchers prevent 374 potential threats
In July, Immunefi's bug bounty programs helped prevent 374 threats. The figure compares with 317 in June and 339 in May.
Total payouts to researchers since the platform's launch have reached $143.1 million. In June, the figure stood at $140.8 million.
The increase in researcher activity comes as losses from attacks across the cryptocurrency market remain high.
During the first half of 2026, projects lost approximately $972 million across 207 hacks, according to an earlier Immunefi report. The number of incidents reached a record high, although total losses were less than half the level recorded during the same period in 2025.
The recent vulnerability affecting Coldcard hardware wallets has also drawn additional attention to security risks. Galaxy Research estimated that losses linked to the flaw could reach 2,000 BTC, or approximately $130 million. Researchers had previously identified the theft of 1,596 BTC from 7,300 addresses.
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