Key Insights
- Crypto industry losses reach $1.19 billion in 2024, with July accounting for $269.4 million primarily due to the $235 million WazirX hack.
- CeFi exploits dominate year-to-date losses at $636 million, while Ethereum and BNB Chain remain the most targeted networks.
NEW YORK (MarketsXplora) – The cryptocurrency industry has suffered losses of over $1.19 billion due to 149 hacks and scams in 2024 so far, according to a report released Tuesday by web3 security platform Immunefi. This marks a 16.3% increase compared to the same period in 2023.
July alone saw $269.4 million in losses from 14 separate incidents, representing a 15.9% year-over-year decrease but a significant 90% month-over-month increase. This makes July the second-highest month for losses in 2024, following May’s $358 million.
WazirX Hack Leads $269 Million Crypto Losses in July
The WazirX hack, suspected to be carried out by North Korean actors, accounted for the majority of July’s losses at $235 million. This single incident dominated the month’s statistics, with the Indian crypto exchange facing criticism over its “socialized loss” recovery plan.
Hacks were overwhelmingly responsible for July’s losses, accounting for 98.9% ($266.4 million) across 12 incidents. In contrast, fraud, scams, and rug pulls represented only 1.1% ($3 million) over two incidents.
Year-to-date figures show centralized finance (CeFi) exploits leading with $636 million in losses (53.4%) from just six incidents, while decentralized finance (DeFi) accounts for $554 million (46.6%) across 143 incidents.
Read also! Crypto Theft Soars 112% in Q2, Centralized Exchanges Bear Brunt
Ethereum and BNB Chain Most Targeted
Ethereum and BNB Chain continued to be the most targeted networks in 2024, collectively representing 71.4% of total on-chain losses. Ethereum suffered seven incidents, accounting for 50% of losses on targeted chains, while BNB Chain experienced three incidents, making up 21.4%.
Immunefi, which recently surpassed $100 million in ethical hacker payouts, claims to have saved over $25 billion in user funds across major protocols. The platform boasts a community of more than 45,000 researchers.
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