In summary
- August saw a significant decrease in Cryptocurrency losses due to hacks and fraud, totaling $15,082,000 across five incidents, marking the lowest monthly total to date and a 94.5% decrease from July.
- The two largest incidents in August involved Ronin Network, which lost $12 million, and Nexera, which suffered a loss of $1.5 million.
- Despite lower losses in August, the cumulative total for 2024 amounts to $1,210,741,330 lost to hacks and scams across 154 incidents, an increase of 15.5% over the same period in 2023.
Good news: August saw a significant decrease in cryptocurrency losses due to hacks and fraud, according to a recent report from Immunefi. Total losses amounted to $15,082,000 across five incidents, marking the lowest monthly total to date and a 94.5% decrease from July.
As Decrypt previously reported, cross-chain DeFi protocol Li.Fi lost around $11 million in a hack in July. Reports indicate that hackers stole more than twice as much cryptocurrency in the first half of 2024, based on the dollar value of the coins, compared to the first six months of 2023.
The two biggest incidents this month involved Ronin Network, a gaming-focused Blockchain, which lost $12 million, and Nexera, a DeFi protocol, which suffered a loss of $1.5 million. Importantly, the $12 million stolen from Ronin Network was later recovered after white-hat hackers who discovered and exploited the vulnerability returned the funds.
Despite lower losses in August, the cumulative total for 2024 amounts to $1,210,741,330 lost to hacks and scams across 154 incidents, an increase of 15.5% over the same period in 2023.
“The majority of losses in 2024 are attributed to attacks targeting CeFi infrastructure,” Gonçalo Magalhães, Head of Security at Immunefi told Decrypt. “We have known for some time that infrastructure compromises tend to be the most devastating hacks in the crypto world.”
All hacks reported in August occurred in the DeFi sector, with no CeFi losses recorded.
“In DeFi, most losses are due to vulnerabilities in smart contracts, while in CeFi, attacks usually target the exchange’s infrastructure and focus on exploiting private keys,” Magalhães said.
Ethereum and BNB Chain were the only chains attacked in August.
“Ethereum and BNB Chain are consistently the most attacked chains due to the high value of funds locked in them,” he added. “Malicious actors specifically target these chains because the potential payoff from a successful exploit is higher.”
Edited by Stacy Elliott.
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