Total Crypto Losses to Hacks and Frauds Surpass $572,000,000 in Q2, According to Bug Bounty Platform Immunefi

Crypto losses to hacks and frauds in the second quarter of 2024 are down 112% compared to the same quarter of the previous year, according to new research from the bug bounty platform Immunefi.

Immunefi researchers note that the entire Web3 ecosystem suffered more than $572 million in losses across April, May and June, compared to $265.4 million in 2023 Q2.

A whopping 98.5% of those losses were a result of hacks, buoyed by a $305 million exploit on the Japanese crypto exchange DMM Bitcoin in late May and a $55 million hack on the Turkish exchange BtcTurk.

Frauds, scams and rug pulls were only responsible for around $8.45 million worth of the losses in Q2, an 81% decrease compared to the same quarter in 2023.

Five incidents on centralized finance (CeFi) projects represented 70% of the total stolen proceeds, compared to 62 incidents on decentralized finance (DeFi) protocols, which only represented 30%.

Ethereum (ETH) was the most targeted chain, suffering 34 incidents that accounted for 46.6% of the losses across chains. BNB was second with 18 incidents representing 24.7%.

Immunefi notes that a handful of Ethereum layer-2 projects were also targeted multiple times.

“Arbitrum comes in third with four incidents, representing 5.5% of total losses across chains. Blast and Optimism follow with three incidents each. Remaining chains like Polygon, Solana, Fantom, Linea, Mantle, TON, and others together represent 15% of the total chain incidents, all with single incidents.”

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