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Web3 Lost Over $200 Million to Hackers in Two Months of 2024, More to Come – Immunefi

During the initial two months of 2024, reported hacks within the Web3 sector tallied a staggering sum exceeding $200 million, as revealed in the latest findings from Immunefi, a leading blockchain cybersecurity platform safeguarding assets surpassing $60 billion. Notably, February alone accounted for losses nearing $70 million.

According to the ‘Crypto Losses in the February 2024 Report,’ Web3 incurred losses totaling $200,478,412 due to hacks and rug pulls within the current year.

This figure spans across 32 distinct incidents documented within the same two-month period.

Comparatively, this marks a notable 15.4% surge from the corresponding period in 2023, where losses amounted to $173,693,675.

Jonah Michaels, the Communications Lead at Immunefi, conveyed to Cryptonews that the current year has witnessed a concerning surge in losses, predominantly attributed to compromises in private keys and wallets, accounting for nearly 30% of the total losses year-to-date.

Michaels further stated, “We anticipate that 2024 may experience the highest recorded losses within Web3 in terms of fund volume. Already, we’ve observed a surpassing 15% increase in losses year-to-date compared to 2023, aligning with our projections.”

February Sees 2x Decrease in Web3 Hacks Costs Compared to January

In February 2024, the Web3 community suffered losses totaling $67,065,795 across 12 distinct incidents involving hacks and fraudulent activities.

Remarkably, this figure reflects a nearly twofold decrease from January 2024, during which registered losses amounted to $133,412,617.

Jonah Michaels noted that February witnessed a slight decline in the number of individual incidents compared to January, dropping from 20 to 12.

Moreover, February’s tally of incidents marks the lowest thus far when compared to the same period in 2023.

According to Michaels, “On average, we’ve recorded approximately 26 significant incidents per month based on our 2023 data. Despite the decrease in incidents, February still incurred substantial losses, notably due to exploits resulting in losses as high as $32 million attributed to hacking.”

In February, hacks continued to be the predominant cause of losses, with $65,413,795 lost across ten specific incidents. Conversely, fraud accounted for a smaller portion of losses, totaling $1,652,000 across two specific incidents.

This breakdown illustrates that hacks constituted 97.54% of the total losses for the month, while fraud comprised only 2.46%.

Jonah Michaels emphasized, “As activity and capital inflows increase in the ecosystem, alongside a persistent rise in cryptocurrency prices, hacking will remain the primary challenge for the industry. Bad actors are meticulously monitoring protocols for vulnerabilities, ranging from contract weaknesses to infrastructure compromises, and employing other sophisticated tactics.”

Notably, the majority of the month’s losses were concentrated in two projects:

– The crypto gaming platform PlayDapp incurred a loss of $32,350,000.
– The decentralized crypto exchange FixedFloat reported losses totaling $26,100,000.

DeFi Hit Hard – Again

In February, decentralized finance (DeFi) once again emerged as the primary target for exploits, surpassing centralized finance (CeFi) in terms of funds lost.

DeFi incurred total losses amounting to $67,065,795 across 12 incidents, predominantly stemming from high-profile attacks on platforms like PlayDapp, FixedFloat, and Duelbits.

According to Immunefi, in contrast, CeFi did not experience any major exploits during the same period.

Among the targeted blockchain networks, Ethereum, BNB Chain, and Bitcoin were the most frequently attacked.

Of these, Ethereum faced the highest number of individual attacks, totaling 12 incidents and representing 85.71% of the total losses across targeted chains.

Bitcoin and BNB Chain, on the other hand, each experienced one incident, constituting 7.14% of the total losses.

Immunefi boasts over $157 million in available bounty rewards and has already disbursed more than $90 million in total bounties. Additionally, it claims to have safeguarded over $25 billion in user funds.

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Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

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