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.”
