Crypto Hacks and Fraud Have Cost $473 Million so far This Year!

Key Points:

• Immunefi report reveals 108 hacking incidents, with $52 million stolen in May alone.
• Ethereum suffers most attacks (43% of losses), followed by BNB Chain (19%), emphasizing the need for enhanced security measures.
• Not a single attack reported in 2024, highlighting the contrasting vulnerability between DeFi and traditional finance.

In a revealing report by security service provider Immunefi, the cryptocurrency sector experienced 108 crypto hacking incidents in 2024, resulting in losses exceeding $473 million.

The report highlights that in May alone, crypto hackers stole $52 million, predominantly targeting Gala Games and Sonne Finance, which suffered losses of $21 million and $20 million, respectively. Despite the significant figures, these losses represent a 12% decline compared to May 2023.

The report underscores that the decentralized finance (DeFi) market continues to be the primary focus for hackers. In contrast, centralized financial companies reported zero attacks in 2024, emphasizing the heightened vulnerability within the DeFi space. Ethereum emerged as the most targeted platform, enduring nine hacking incidents that accounted for 43% of the total losses. The BNB Chain followed, responsible for 19% of the total crypto hacking-related financial damage.

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DeFi Main Target for Hackers

Immunefi’s findings shed light on the persistent security challenges facing the crypto hacking industry. The significant losses in the DeFi sector highlight the urgent need for enhanced security measures and protocols to protect investors and platforms alike. Ethereum’s position as the most targeted blockchain underscores its prominence and the substantial value it holds, making it a lucrative target for cybercriminals.

The report’s revelation that centralized financial entities were not attacked in 2024 suggests that traditional financial institutions may have more robust security frameworks in place. This contrast between DeFi and centralized finance indicates a critical area for improvement within the burgeoning DeFi sector.