Crypto Hack Losses Decline in the First Quarter of 2024, According to Immunefi Report

Crypto News – According to a research report released on March 28 by blockchain security company Immunefi, the cryptocurrency market recorded a 23% decrease in losses from hacking and scams in the first quarter of 2024 compared to 2023.

Crypto Hack Losses Decline in the First Quarter of 2024, According to Immunefi Report

The research states that the overall sum lost in Q1 2024 to fraud and hacking incidents was roughly $336.3 million, compared to $437.5 million in the same quarter of 2023. The study lists 15 instances of fraudulent activity and 46 hacking events.

While fraud, scams, and rug pulls accounted for 4.4% ($14.7 million) of losses across 15 cases, hackers accounted for 95.6% ($321.6 million) of losses over 46 occurrences. With both networks contributing to 73% of all losses, Ethereum was the chain that was attacked more than the BNB Chain. The CEO of Immunefi, Mitchell Amador, emphasized that improved security measures across code and protocol infrastructure are urgently needed. He also pointed out that DeFi platforms are vulnerable to private key intrusions.

About Frauds

The majority of the losses, $144.5 million in total, or 43% of the total, were attributed to two projects. The biggest attack, which cost $81.7 million, was launched on New Year’s Eve against the Orbit Bridge cross-chain bridge protocol. At $133 million, January’s monthly losses in Q1 were the greatest.

An exploit worth $62 million on the Blast-based NFT game Munchables was the cause of the second-largest attack. However, as soon as the hacker turned over the private keys to the wallet holding Munchables’ assets, the money was returned within a day.