Crypto Long & Short: What this year's $972 million crypto hacks actually tell us about security
Crypto security is shifting from smart contract vulnerabilities to operational failures like compromised private keys and governance manipulation. While code audits remain necessary, the author argues that continuous, incentivized bug bounty programs are the most effective way to secure the broader attack surface of protocols.
Why it matters
As crypto hacks reach nearly $1 billion this year, the industry must move beyond simple code audits to secure human and governance processes to protect institutional and retail capital.
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What H1's crypto hack numbers actually tell us about security
by Mitchell Amador , founder and CEO of Immunefi
This month, an attacker spent about $4 million to drain roughly $20 million from BonkDAO's treasury. No smart contract failed. The attacker bought enough tokens to pass a governance proposal in a low-turnout vote, and the vote executed exactly as written. The rules themselves were the vulnerability.
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