Breaking Crypto News – The Biggest Crypto Hacks and Scams of Q2 2024: A Recap
Breaking Crypto News – According to the most recent report from web3 bug bounty and security services platform Immunefi, the cryptocurrency industry has lost $572.7 million as a result of hacks and frauds during the second quarter of this year across 72 instances.
The losses amount to 112% more than what was taken by hackers and fraudsters in Q2 2023 (2655.5 million), and they represent a 70.3% increase over the $336.3 million worth of vulnerabilities in Q1. Immunefi data indicates that over $900 million has been pilfered through fraud and hacking this year, a 24% increase from the same period the previous year.
DeFi is a Prime Target for Hackers
According to DeFiLlama data, approximately $100 billion of total value is locked in Web3 protocols. As a result, decentralized finance continues to be a top target for hackers, as evidenced by the 100% of exploits found by Immunefi in Q1. Centralized finance, which accounted for 70% ($401.4 million) of the quarter’s losses as opposed to DeFi’s 30% ($171.3 million), was the primary focus in Q2, nevertheless.
Two exploits accounted for $360 million, or 62.8% of the total, and caused the majority of the losses. The worst incident involved a $305 million hack of the Japanese cryptocurrency trading site DMM Bitcoin. On June 23, $55 million was taken from the Turkish crypto exchange BtcTurk. At $358.5 million, May had the most monthly losses for the whole second quarter. Ultimately, four of the exploits—Bloom, ALEX Lab, Gala Games, and YOLO Games—recovered $28.7 million, or 5%, of the total assets pilfered in Q2.
This quarter highlights how infrastructure compromises can be the most devastating hacks in crypto, as a single compromise can lead to millions in damages. This was evident during this quarter, where losses surged primarily due to hacks targeting CeFi infrastructure, surpassing DeFi, despite a smaller number of hacks in that sector. Robust measures to safeguard the entirety of the ecosystem are crucial.
Immunefi founder and CEO, Mitchell Amador
For more up-to-date crypto news, you can follow Crypto Data Space.
Leave a comment