Crypto lost roughly $110 million to hacks in July, according to security firm Immunefi. Bug bounty payouts rose during the month, and Immunefi's own review found its audit competitions caught more serious bugs per engagement than tier-1 audits.
Crypto lost roughly $110 million to hacks in July, according to Immunefi. The cybersecurity platform reported the figure alongside new data on confirmed bug reports and a comparison of audit methods.
Immunefi said in a statement on Monday that its researchers received $2.32 million for confirmed bugs during the month. Bug bounty reports that were confirmed and paid increased 18% over the prior period.
The firm's review of 1,178 tier-1 audits found a median of zero critical or high-severity bugs. Yet Immunefi compared those results with 58 of its own audit competitions, which it said turned up more serious bugs per engagement than the tier-1 reviews. Those competitions found an average of 6.2 serious bugs per engagement, compared with 1.5 for tier-1 audits.
Immunefi also said the cost of identifying a critical bug averaged $6,548 in an audit competition, against about $66,000 in a private tier-1 audit and $24.5 million when an attacker found the flaw first.
The firm also said 374 threats were prevented through its bug bounty programs in July, up from 317 in June and 339 in May. Cumulative researcher payouts through the platform reached $143.1 million, compared with $140.8 million in June.
Source: The Block
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