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Web3 Lost Over $53 Million to Hackers in April 2024, $401 Million YTD – Immunefi

In April 2024, the Web3 space experienced a decrease in losses due to hacking incidents, totaling over $53 million across 21 separate events. This marks a significant 46% drop compared to the preceding period, as indicated by the latest report from Immunefi, a bug bounty platform specializing in cryptocurrencies.

To be exact, the sum lost to hacks and fraudulent activities during the recent month amounted to $53,074,827.

In contrast, the corresponding figure for April 2023 was substantially higher, reaching $98,610,392.

The breach targeting Hedgey Finance accounted for the majority of losses in the past month, totaling $44.6 million stolen. This underscores the ongoing trend of decentralized finance (DeFi) platforms being prime targets for malicious actors.

Among other notable incidents, Grand Base incurred losses of $2 million, while Wilder token suffered losses totaling $1.4 million.

Remarkably, there were no reported attacks on centralized finance (CeFi) platforms in April.

Ethereum is the Main Target for Web3 Hackers

In April, hacks remained the predominant cause of losses, surpassing $50 million across 12 incidents. Conversely, fraud accounted for just over $3 million in 9 incidents.

Once again, Ethereum and BNB emerged as the primary targets last month. Ethereum endured 15 attacks, constituting 57.7% of all losses across various blockchains. BNB experienced six attacks, representing 23.1% of the total losses.

Arbitrum encountered two incidents, while Optimism, Polygon, and Solana each witnessed one incident.

YTD Decrease

Thus far this year, the total year-to-date (YTD) losses amount to $401,326,044, reflecting a 25% decrease compared to the same period last year, which saw losses totaling $536.1 million.

April 2024 notably saw a decrease compared to the previous month, with March 2024 recording losses of $133,235,200, which dropped to $53 million in April.

Additionally, the Immunefi team mentioned that the platform offers over $157 million in bounty rewards. To date, it has disbursed more than $95 million in bounties and safeguarded $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.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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