Record losses of the crypto industry in 2024
Since the beginning of 2024, the losses of crypto projects from hacker attacks have exceeded $1.2 billion. According to an Immunefi report, in August alone, losses totalled $15.1 million. Although this is significantly less than in July, when $274.7 million was stolen, the losses are still significant.
Major attacks and their impact
In August, the Ronin Bridge hack accounted for most of the losses, amounting to $12 million. It is important to note that this incident was caused by an ethical hacker who returned 3991 ETH to the developers after discovering the exploit.
In addition to Ronin, attacks have also affected projects such as Nexera, VOW, Convergence Finance, and iVest DAO. All of them are associated with decentralised finance (DeFi) protocols, which indicates the vulnerability of this particular part of the crypto industry. None of these incidents affected centralised exchanges.
Networks under attack
In August, the attackers focused their attacks on the projects of two networks – Ethereum and BNB Chain. In total, they were targeted in five major attacks. This trend highlights the need to strengthen security in the most popular blockchain networks.
Year in review and Immunefi’s role
Overall, in the first eight months of 2024, the crypto industry lost 15.5% more than in the same period last year. Nevertheless, the Immunefi platform, which has paid out more than $100 million to ethical hackers over the three years of its operation, continues to play an important role in ensuring security. Thanks to its efforts, more than $25 billion in user funds have been safeguarded.
Source of information and photos: Incrypted.