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.
