$336.3M Lost in Crypto Hacks and Fraud in Q1 2024: Immunefi
In a recent report, Immunefi, a leading web3 bug bounty and security services platform, stated that the crypto ecosystem experienced a 23.1% decrease in losses during the first quarter of 2024 compared to the same period in 2023.
Despite this decline, the report highlights that the industry still lost $336.3 million to hacks and fraud across 61 specific incidents.
Key findings:
- Crypto hacks accounted for 95.6% of total losses, amounting to $321.6 million across 46 incidents.
- Fraud, including rug pulls, made up the remaining 4.4%, totaling $14.7 million across 15 incidents.
- DeFi remained the primary target for exploits, comprising 100% of cases.
- Ethereum and BNB Chain were the most targeted chains, with 33 and 14 incidents, respectively.
- $73.9 million, or 22% of the total losses, were recovered from stolen funds in seven specific situations.
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The report also highlights two major exploits that contributed significantly to the overall losses in Q1 2024. The Orbit Bridge exploit resulted in a loss of $81.7 million, while the Munchables exploit led to a loss of $62.8 million. Together, these two incidents accounted for 43% of the total losses in the quarter.
Immunefi reveals crypto ecosystem continues to face attacks
Immunefi’s analysis reveals that while the number of attacks decreased by 17.57% from 74 in Q1 2023 to 61 in Q1 2024, the crypto ecosystem continues to face significant challenges in terms of security.
The report emphasizes that DeFi protocols remain the primary target for exploits, accounting for 100% of the cases in Q1 2024.
Ethereum once again surpassed BNB Chain as the most targeted blockchain, with 33 incidents compared to BNB Chain’s 14. Arbitrum followed with six incidents, while Solana, Optimism, Bitcoin, and Blast each experienced two incidents.
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The report also sheds light on the effectiveness of fund recovery efforts in Q1 2024. Despite recovering 22% of the stolen funds, totaling $73.9 million, the recovery rate dropped from 40.5% in Q1 2023.
