Crypto losses stemming from hacks, rug pulls up 112% YoY – Immunefi
In the second quarter of 2024, the crypto ecosystem experienced $572.7 million in losses due to hacks and frauds, marking a 112% increase from the previous year. Centralized finance platforms accounted for 70% of the losses, with a total of $401.4 million across five incidents. Hacks remained the primary cause of losses, stealing $564.2 million across 53 incidents, while frauds resulted in $8.5 million in losses across 19 incidents. Ethereum and BNB Chain were the most targeted blockchain networks, with Ethereum experiencing 34 incidents and BNB Chain facing 18 incidents. Recovery efforts resulted in $26.7 million of stolen funds being recovered, making up 5% of the total losses. The report emphasized the need for enhanced security measures and vigilance across both DeFi and CeFi platforms to protect user funds and maintain trust in the ecosystem.
