Losses From Hacks and Fraud Double to $573 Million in Q2 2024

Crypto losses to hacks and rug-pulls in the second quarter of 2024 doubled compared to the same period last year [2023], according to a new Q2 2024 report by crowdsource security platform, ImmuneFi.

Losses totalled almost $573 million in Q2 2024, mostly to hacks, while $8.4 million was lost to frauds, the report said.

The total represents a 112% increase over the same period last year [2023], when hackers and fraudsters stole $265.4 million.

“In total, we have seen a loss of $564,238,811 to hacks in Q2 2024 across 53 specific incidents. These numbers represent a 155% increase compared to Q2 2023, when losses caused by hacks totaled $220,522,129.

We have seen a loss of $8,450,050 to fraud in Q2 2024 across 19 specific incidents. These numbers represent a 81% decrease compared to Q2 2023,when losses caused by frauds, scams, and rug pulls totaled $44,959,390.”

In total, $26,736,000 has been recovered from stolen funds in 4 specific situations. This number makes up 5% of the total losses in Q2 2024.

Two major exploits accounted for 63% of all second-quarter losses, DMM Bitcoin, a Japanese crypto exchange, suffered an attack that resulted in $305 million lost, and BtcTurk, Turkey’s biggest cryptocurrency exchange, incurred a loss of $55 million.

According to ImmuneFi, there is nearly $100 billion in capital locked across Web3 protocols as of June 2024, capital which represents an unparalleled and attractive opportunity for blackhat hackers.

The two most targeted chains in Q2 2024 were Ethereum and BNB Chain:

Ethereum suffered the most individual attacks with 34 incidents, representing 46.6% of the total losses across targeted chains
BNB Chain witnessed 18 incidents, representing 24.7% respectively

СeFi was the main target for exploits, representing 70% of total losses, while DeFi represented 30%.

“DeFi has suffered $171,288,861 in total losses in Q2 2024 across 62 incidents. These numbers represent a 25% decrease compared to Q2 2023, when DeFi losses totaled $228,481,519,” said the report.

“CeFi has suffered $401,400,000 in total losses in Q2 2024 across 5 incidents. These numbers represent a 984% increase compared to Q2 2023, when CeFi losses totaled $37,000,000.”

In total, the ecosystem has witnessed $920,940,078 in losses year-to-date (YTD) across 135 specific incidents, primarily driven by over $358 million lost in May 2024.