Ethereum Remains Most Targeted Chain as Crypto Hackers Steal $572M in Q2

According to the latest report by Immunefi, losses due to crypto hacks and fraudulent activities rose during the second quarter of 2024.
As per the data, total losses amount to a staggering $572.7 million in Q2 2024. This figure represents a 112% increase compared to the same period in 2023.
Key points:
- Hacks accounted for 98.5% of total losses.
- Centralized finance (CeFi) platforms bore the brunt of attacks.
- Ethereum remained the most targeted blockchain, followed closely by BNB Chain.
- Two major exploits alone accounted for 62.8% of all Q2 losses.
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Two crypto hacks accounted for 63% of all losses
The community was rocked by two particularly large attacks during this period. DMM Bitcoin, a Japanese cryptocurrency exchange, fell victim to a hack. This resulted in a loss of $305 million.

This was closely followed by an attack on BtcTurk, Turkey’s largest crypto exchange. The exchange saw $55 million in assets stolen.
Mitchell Amador, Founder and CEO of Immunefi, spoke about the importance of robust measures, stating, “This quarter highlights how infrastructure compromises can be the most devastating hacks in crypto, as a single compromise can lead to millions in damages.”
Interestingly, Ethereum remained the most targeted chain for hackers in Q2. Ethereum is closely followed by the BNB Chain.
Decentralized Finance (DeFi) protocols have traditionally been prime targets for hackers. However, Q2 2024 saw a pivot towards CeFi platforms.
Despite the overall increase in losses, there were some positive developments. The report noted that fraud-related losses decreased by 81% compared to Q2 2023.
Additionally, about 5% of stolen funds were recovered. The Immunefi report also provided insights into the geographical distribution of attacks.
As per the report, exchanges based in Asia appeared to be particularly hard-hit during this period.
The report comes at a time when Indian-based crypto exchange WazirX lost $230 million to a hack. The exchange is currently exploring different ways to recover the funds and re-enable withdrawals on the exchange.