Crypto Industry Lost $572 Million to Hacks in Q2 2024: Immunefi
The crypto industry faced a storm of security breaches and hacks in the second quarter of 2024. The fleet of events resulted in a whopping $572.7 million in losses.
The details were released by blockchain security firm Immunefi in its Q2 report.
Key findings from the Immunefi report:
- Total losses reached $572,688,861 across 72 incidents in Q2 2024.
- Hacks accounted for 98.5% of losses, totaling $564,238,811.
- Centralized Finance (CeFi) platforms bore the brunt, suffering 70% of total losses.
- Two major exploits, DMM Bitcoin and BtcTurk, accounted for 62.8% of all Q2 losses.
- Ethereum remained the most targeted blockchain, with 34 incidents.
Also checkout: Coinbase Takes Legal Action Against SEC And FDIC
Rise in crypto hacks linked to two major incidents
The report shows a 112% surge as compared to the same period in 2023. This increase can be largely attributed to two major crypto hacks on centralized exchanges. These were DMM Bitcoin in Japan, which lost $305 million, and BtcTurk in Turkey, which suffered a $55 million theft.
Different from previous trends, centralized finance platforms emerged as the primary targets for attackers in Q2 2024. CeFi firms accounted for 70% of total losses.
Hacks dominated 98.5% of the total losses. The report identified 53 specific hacking incidents, resulting in $564,238,811 in stolen funds. In comparison, scams and rug pulls were responsible for a relatively modest $8,450,050 in losses across 19 incidents.
Ethereum was the most targeted blockchain, suffering 34 individual attacks. The BNB Chain followed with 18 incidents, while Arbitrum, Optimism, and Base also fell victim to malicious activities.
The report also shared that the total year-to-date losses have reached $920,940,078.
