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Crypto losses for 2024 will reach $1.2B. This is an increase of 15.5% despite a 95% drop in August thefts.
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Ethereum and BNB Chain are targeted, with BNB Chain experiencing $1.64B in losses from 2017
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Immunefi helps security by awarding $100M+ and launching Attackathon on Ethereum.
It seems that the crypto market losses for 2024 are still far from over. According to the latest report from web3 security platform Immunefi, over $1.2 billion was stolen through hacks and scams. Even though August losses were lower, the average loss for the year still shows a 15.5% rise compared to 2023.
August saw a 95% drop in losses month-over-month, with only $15.1m lost compared to $274.7m in July. This reduction does not make up for the total losses of the year, which now exceed $1.2 billion.
The biggest August incident involved a $12 million outflow to MEV Bots from the Ronin Network Bridge due to a bug upgrade. White hat hackers returned the money in exchange for a bounty of $500,000, but this was not the largest incident.
This incident is notable because Ronin’s Ethereum bridge was previously attacked in 2022. The result was a loss of over $600,000,000, the largest DeFi exploit in history.
This report follows a hacker who stole more than $230 Million from WazirX a cryptocurrency exchange in India, over a year ago. This is the second largest crypto hack in 2024.
Hackers continue to target Ethereum and BNB Chain, which accounted for all losses reported in August. BNB Chain was the victim of two incidents, while Ethereum saw three attacks.
BNB Chain is a target of rug pull scams, and other illegal activities. Since its launch in 2017, BNB Chain has experienced $1.64 billion worth of theft.
Immunefi awarded over $100,000,000 to ethical hackers and researches who found and reported weaknesses across different protocols. Last month, Immunefi and the Ethereum Foundation launched “Attackathon,” an audit contest with a large scale to make the Ethereum Network more secure.
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