Losses from hacks and fraud doubled to $573 million in Q2 2024 – BitKE

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

Losses totaled nearly $573 million in the second quarter of 2024, mostly due to hacks, while $8.4 million was lost due to fraud, the report said.

The total represents an increase of 112% compared to the same period last year. [2023]when hackers and fraudsters stole $265.4 million.

“In total, we saw a loss of $564,238,811 due to hacks in Q2 2024 across 53 specific incidents. These figures represent a 155% increase from the second quarter of 2023, when losses from hacks totaled $220,522,129.

We saw a loss of $8,450,050 due to fraud in Q2 2024 across 19 specific incidents. This represents an 81% decrease from Q2 2023, when losses from fraud, scams and rug pulls were $44,959,390.

In total, $26,736,000 was recovered from stolen funds in 4 specific situations. This number represents 5% of the total losses in the second quarter of 2024.

Two major exploits accounted for 63% of all Q2 losses: DMM Bitcoin, a Japanese cryptocurrency exchange, suffered an attack that resulted in a $305 million loss, and BtcTurk, the largest crypto exchange -currency of Turkey, suffered a loss of 55 million dollars.

According to ImmuneFi, nearly $100 billion of capital was locked in Web3 protocols as of June 2024, capital that represents an unprecedented and attractive opportunity for hackers.

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

• Ethereum suffered the highest number of individual attacks with 34 incidents, accounting for 46.6% of total losses on targeted chains.
• The BNB channel witnessed 18 incidents, representing 24.7% respectively

CeFi was the main target of exploits, accounting for 70% of total losses, while DeFi accounted for 30%.

“DeFi 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,” the report said.

“CeFi incurred $401,400,000 in total losses in Q2 2024 across 5 incidents. These numbers represent a 984% increase over Q2 2023 when CeFi losses were $37,000,000.

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

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